EU – Baltic States, Good for Business, Investments, Lithuania, Markets and Companies, Real Estate

The Vilnius municipality and Vastint Lithuania Tuesday signed a protocol of intentions in Cannes, which is currently hosting a real estate and investment fair MIPIM 2018.

"The protocol is about efforts to develop an office park in Vilnius next to Litexpo. So far, it is a mutual strife to go ahead with the project, however, there are no specific commitments. A detailed plan is underway, they should probably secure a construction permit by the end of the year," Mindaugas Pakalnis, senior architect of the Lithuanian capital, told BNS.

The first phase of the project should be completed by 2021. According to information available to BNS, the park will include around 40,000 square meters of offices with 4,000 workspaces.

Vastint Lithuania first announced the plans of developing five to six office buildings with total area of approximately 65,000 square meters in the fall of 2016.

Vastint Lithuania operates administrative and commercial buildings on Jogailos street and on Gedimino Avenue, as well as the Uniq office building. The company also plans to build a Marriott hotel with a SPA center in the seaside resort of Palanga along with a commercial and residential complex in the territory of a former hospital on Zygimantu Street in Vilnius.