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Friday, 26.04.2024, 15:45
Lithuania: Stemma Group to invest EUR 100 mnl into Memelio Miestas projec
Last year, the group said its investment would amount to
40-70 mln euros.
Nerijus Tilindis, head of Stemma Management,
part of the Stemma Group, says the planned investment grew in size after
a closer look at what could be built in this territory.
"On the one hand, it's a certain reserve. We have also
estimated a certain increase in the labor costs, and the future costs over the
course of the implementation of the project," he said.
In his words, the company plans to borrow to cover part of
the project costs, and will also invest its own funds.
Offices, residential and commercial building, public
objects, car parks and public areas will be built in the 7 ha territory, he
said.
"We will have everything, and we could also have
public-purpose buildings, therefore, we are holding talks with the city on what
could be needed and how we could probably implement some joint projects for
that territory to be a city within the city," Tilindis said.
The whole project will be implemented in staged and should
be completed by 2030.
Stemma Group acquired the territory from Litectus, a real
estate company which is part of the SEB group, in June. Litectus bought it at an
auction for 9.56 mln euros in 2013.
In November, Stemma Group sold its stakes three wind farm
companies Vejo Vatas and Vejo Gusis to Lithuania's state-run energy holding
Lietuvos Energija (Lithuanian Energy) for 21.76 mln euros. And in 2008, the
group sold its majority stake in Klaipedos Smelte, one of the largest cargo
handling companies in the port of Klaipeda, to Switzerland's Terminal
Investment for an undisclosed value.