Good for Business, Investments, Lithuania, Real Estate

"In 2017, we planned on investing 85 million euros, however, bureaucratic obstacles, delayed issue of construction permits left more than 20 million euros unspent. This year we hope for fewer investment obstacles, so that all of the money could be used," Arvydas Avulis, board chairman at Hanner, said in a press release.

The biggest share of the investment, i.e., 38 million euros, will go towards residential and commercial projects in Lithuania, with another 34 million euros to be invested in Latvia and the remaining money in a multifunctional quarter under development in Romania, said Hanner.

In Lithuania, Hanner plans an investment of 14 million euros in commercial real estate projects, including completion of the Business Stadium West business center in the Business Stadium quarter and the Marriot Hotel.

Hanner is 100-percent owned by Hanner Group, an Estonian company controlled by the Avulis family.