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Tuesday 12.12.2017 | Name days: Otīlija, Iveta
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Estonians to develop four office buildings in Vilnius for EUR 44m

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Author: REUTERS/SCANPIX

Estonian E.L.L. Real Estate property development and management group that is majority-owned by Estonian businessman Toomas Annus plans to develop four office centres in Vilnius with a total leasable area of 44,000 sq.m at a cost of EUR 44 million euros.

First in line is the smallest project of the four, a 4,300 sq.m, 7-storey, class A building very close to Vilnius’ central business district. E.L.L. has already hired Lithuanian Baltic Engineers consultancy to design the technical project and find architects, writes Äripäev.

So far in Lithuania E.L.L. has mostly been involved with shopping centres (2 in Vilnius, one in Siauliai), and residential housing (three projects in Vilnius for 170 units). Residential construction also features in the company’s current development pipeline with two projects in Vilnius and Kaunas for around 400 apartments scheduled for start in 2014-2015.

“We are at the moment more focused on office centre projects as we already have strong shopping centres in Lithuania which show good results,” says Aldo Dapon, chairman of the board and CEO of E.L.L. Real Estate.

“The Vilnius office market is not actively growing in 2013 but the vacant space of B-class premises is much higher than that of A-class premises. We see in Vilnius the need for an A-class business centre like Narbuto that is located in one of the new business districts of the city. We are finalizing the design and we will start with pre-bookings in autumn 2013,” he adds.

Ref.110.110.110.3966


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