Key Takeaways
- • EfTEN Real Estate Fund AS subsidiary EfTEN Menulio UAB sold the Menulio 11 office building in Vilnius on April 17, 2026, generating €600,000 above balance sheet value, with transaction completion scheduled for April 24, 2026.
- • The property generated a 14% annualized IRR over its entire 11-year holding period (2015–2026), demonstrating consistent value creation across a full market cycle.
- • The sale represents only 2.01% of the fund's consolidated real estate investment portfolio, classified as non-significant under NASDAQ Tallinn Stock Exchange regulations, indicating a portfolio optimization rather than a strategic redeployment.
- • EfTEN acquired the asset through a January 1, 2023 merger with EfTEN Kinnisvarafond AS, which originally purchased the property in 2015 for €5.8 million; the fund intends to redeploy proceeds as equity capital for future property acquisitions.
- • Transaction terms remain confidential by mutual agreement between EfTEN Menulio UAB and buyer Mėnulio 11 turtas, UAB (Lithuanian Register ID 307597298).
Summary
EfTEN Real Estate Fund AS executed the sale of a Vilnius office asset as part of active portfolio management. On April 17, 2026, the fund's wholly owned subsidiary EfTEN Menulio UAB entered into a binding sales agreement for the Menulio 11 office building, with closing scheduled for April 24, 2026. The transaction generated proceeds €600,000 above the asset's stated balance sheet value, though exact financial terms remain confidential per buyer and seller agreement.
The asset has a 11-year operating history. EfTEN Menulio UAB originally acquired the property in 2015 at a €5.8 million entry price. Following EfTEN Real Estate Fund AS's January 1, 2023 merger with EfTEN Kinnisvarafond AS—which consolidated approximately €350 million in assets across 29 Baltic commercial real estate holdings—the Menulio 11 building came under the combined fund's management. Over the full holding period from initial acquisition through sale, the property delivered a 14% annualized IRR, reflecting solid risk-adjusted returns through multiple market cycles.
The sale reflects portfolio optimization rather than distressed activity. The divested asset represented only 2.01% of EfTEN Real Estate Fund AS's total consolidated real estate investments, and NASDAQ Tallinn classified the transaction as non-significant under exchange disclosure thresholds. Management, led by Board Member Viljar Arakas, has committed sale proceeds exclusively to equity capital for the fund's future property acquisitions, indicating continued confidence in Baltic real estate markets and pipeline development. The transaction underscores EfTEN's active asset management discipline and capital recycling strategy within a diversified geographic and sectoral portfolio.
The asset has a 11-year operating history. EfTEN Menulio UAB originally acquired the property in 2015 at a €5.8 million entry price. Following EfTEN Real Estate Fund AS's January 1, 2023 merger with EfTEN Kinnisvarafond AS—which consolidated approximately €350 million in assets across 29 Baltic commercial real estate holdings—the Menulio 11 building came under the combined fund's management. Over the full holding period from initial acquisition through sale, the property delivered a 14% annualized IRR, reflecting solid risk-adjusted returns through multiple market cycles.
The sale reflects portfolio optimization rather than distressed activity. The divested asset represented only 2.01% of EfTEN Real Estate Fund AS's total consolidated real estate investments, and NASDAQ Tallinn classified the transaction as non-significant under exchange disclosure thresholds. Management, led by Board Member Viljar Arakas, has committed sale proceeds exclusively to equity capital for the fund's future property acquisitions, indicating continued confidence in Baltic real estate markets and pipeline development. The transaction underscores EfTEN's active asset management discipline and capital recycling strategy within a diversified geographic and sectoral portfolio.
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