Hili Properties plc announced that it signed a preliminary agreement with Lithuanian property conglomerate YIT Lietuva for the acquisition of a production plant located in the Klaipėda Free Economic Zone, Lithuania.

The 19,000 sqm factory sits on a site measuring 55,000 sqm and was designed and built according to the needs of the tenant – the Rehau Group, which is a multinational company with operations in the construction, automotive and industrial segments.

Hili Properties noted that this latest agreement fits in with its strategy to diversify its portfolio and tenant mix, whilst ensuring solid, long-term investment.

The move comes as the company is gearing up for its upcoming Initial Public Offering (IPO), which is expected to see it issue 185,185,185 shares at €0.27 each, with a total value of €50 million.

Hili Properties owns and manages strategic commercial real estate for lease in the Baltics (Estonia, Latvia and Lithuania), as well as Malta and Romania, with a total value of more than €115 million.

Its portfolio consists of dedicated business blocks and office space, grocery-anchored shopping centres, healthcare facilities, and properties housing McDonald’s restaurants in key commercial districts.