Acquisition of Luminor būstas: Newsec strengthens its position in the residential RE segment

Resolution Holdings, a group of companies providing real estate (RE) services, which owns the trademarks Newsec and Re&Solution, has acquired UAB Luminor būstas, a subsidiary RE brokerage company of the bank Luminor. Today, a share purchase agreement has been signed and the ownership of the shares will go to the buyer from 1 February. The legal name of UAB Luminor būstas will be changed to UAB Resolution, while the trademark will be changed to Re&Solution. The company will be set the goal to become the leader of residential RE services in Lithuania.

After the acquisition, the company’s team will consist of more than 40 residential housing consultants. Mr Audrius Gudanavičius, who has been the director of UAB Luminor būstas for the last 5 years, will be in charge of the company’s team and will become one of its partners. The company’s branches will operate in Vilnius, Kaunas and Klaipėda.

According to Mr Ugnius Meidus, the CEO of Resolution Holdings in the Baltics countries, the acquisition of the RE brokerage company UAB Luminor būstas is a strategic step for the group to take a leading position not only in the commercial but also in the residential housing market.

“With this deal, we strive to strengthen the group’s activity in the residential housing segment and give impetus to its further growth. So far, we’ve been focusing on the commercial RE sector, where we have become one of the market leaders with the Newsec trademark. We are now also pursuing such an ambitious goal for Re&Solution’s residential housing team. I have no doubt that the long-term experience of the specialists of UAB Luminor būstas, together with our expertise in the RE field, will help to create synergies and grow a strong market player,” said Mr Ugnius Meidus.

The company’s activity profile will remain unchanged – residential housing sales on the primary and secondary markets, and the customers will be offered assessment of residential housing next to the existing services. The company also plans to strengthen its market analysis and marketing competencies. The commercial real estate projects managed by UAB Luminor būstas so far will be taken over by Newsec’s team.

According to Mr Andrius Načajus, the Head of the Lithuanian Branch of Luminor Bank, the sale of UAB Luminor būstas is a strategic step for the bank to purify its activities.

“We are developing a bank of new generation in the Baltic countries; thus, we wish to focus on the core areas of our business – digitalisation of services, efficient customer servicing and development of modern bank products. This was the only company of the Luminor Group in the Baltic countries engaged in real estate brokerage,” Mr Andrius Načajus commented on the decision to sell the subsidiary.

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