Evernord Real Estate Fund VII, a fund managed by investment management company Evernord Asset Management, has acquired the Sky Office business centre in Vilnius. The property was developed and sold by YIT Lietuva, which, following the transaction, not only exited its role as developer but also became a strategic partner of the fund, co-investing alongside the fund’s investors.
While some investors have recently approached the office segment with caution due to remote working trends and market uncertainty, Evernord has adopted the opposite strategy – investing in a high-quality, nearly fully leased asset with the expectation of capitalizing on changing market dynamics.
According to fund representatives, the Vilnius office market may be reaching a turning point: the pipeline of new developments is shrinking, which could lead to a reduction in both office supply and vacancy levels in the coming years.
The transaction also marks another milestone in Evernord’s growth – this is already the tenth fund managed by Evernord Asset Management, and the group’s total assets under management have now approached EUR 400 million.
Sky Office is a modern, 18-storey office building with an A+ energy efficiency rating. Development of the project commenced in 2021, and the building was delivered to the market in 2024. The property incorporates a range of sustainable solutions and is pursuing a BREEAM Excellent certification. It features a solar power plant, electric vehicle charging stations, a rooftop terrace, and advanced engineering systems. The building provides approximately 12,000–13,000 square metres of office space.
One of the key drivers behind the investment was the building’s exceptionally high occupancy rate. At the time of the transaction, Sky Office was approximately 95% leased, allowing the fund to acquire an income-generating asset with a stable cash flow. Furthermore, investor interest in the fund exceeded the available investment capacity, resulting in an oversubscribed fundraising process.
TEGOS advised Evernord on all legal aspects related to the structuring of its 10th fund and the acquisition of the property. The legal team included Dainius Stasiulis, Karolina Lapinskaitė, Julija Jakutytė, Laurynas Kontenis, Paulius Žalnieraitis, Neda Baublytė, and Neringa Skipskytė.
