NOOR team represented Nese Group in the sale of the historic building of Vilnius Pramogu Bankas    

The former Pergales cinema building in Vilnius, which Nese Group brought back to life by establishing Pramogu Bankas, now has new owners. The investment company INVL Baltic Real Estate has acquired the building, which was built in the middle of the last century on A.Stulginskis Street. 

Representatives of the Nese Group decided to sell the building, which is included in the Register of Cultural Heritage and has an area of almost 3,500 sq.m. because they plan to devote more attention and energy to their core business.  

INVL Baltic Real Estate’s decision to acquire the property was based on the building’s location in the city centre and the exclusivity of its interior spaces. The investor plans to continue to lease the property and eventually renovate the interior of the building to increase the leasable area.  

The NOOR team representing the vendor, Nese Group, has also contributed to the fate of this exceptional building. NOOR partner Povilas Karlonas, associate partner Jonas Povilionis, associates Brigita Ruibyte and Milda Janusauskaite:  

• advised the client in both the preparation and implementation of the transaction;  
• assisted the client in structuring the transaction, preparing the company and assets for sale and reorganisation;  
• represented the buyer in negotiations with the seller in the sale of the property.