Advised Kenova in the sale of 100% of the shares in an SPV owning a built-to-suit office building

Our Corporate team advised Kenova on the divestment of a special-purpose company owning a newly developed, built-to-suit office building fully occupied by a single strategic tenant under a long-term lease.

The deal concerned a prime, income-producing asset and represented a notable transaction in the commercial real estate investment market. Kenova is a leading Lithuanian real estate developer focused on high-quality, custom-tailored commercial projects.

Kenova sought to complete its value-creation cycle by exiting the asset after successful delivery, tenant fit-out and operational stabilization. The key challenges included aligning the development and construction history with a bespoke lease structure, ensuring a risk-balanced SPA. The deal required careful coordination of real estate, leasing, and corporate aspects.

Our team led the entire sell-side process, including transaction structuring, addressing development and lease documentation issues, and negotiating the share purchase agreement. We coordinated negotiations with the buyer, handled risk allocation discussions, and drafted the SPA that reflected the built-to-suit nature of the asset.

Kenova achieved a clean and efficient exit on favourable terms, securing a transaction structure that minimized post-closing exposure and highlighted the asset’s strong fundamentals.

The deal demonstrates our firm’s capability to combine deep real estate development insight with sophisticated transactional expertise. It also highlights our team’s strong competence in guiding clients through disposals of stabilized built-to-suit assets, a growing segment of the Baltic commercial real estate market.