INVL Baltic Real Estate (hereinafter – the Company) hereby notifies that the Municipality of the City of Vilnius has approved the design proposals for the reconstruction of a complex owned by the Company in the Old Town of the city at the address Vilniaus Street 33. The reconstruction of the complex is intended to create a four-storey administrative building and an attic for high-end offices. Its ground floor will house restaurants and commercial premises.
The Vilnius City Municipality has approved design proposals for the reconstruction of a complex that real estate investment company INVL Baltic Real Estate owns in the city’s Old Town.
“Together with the Viltekta design office and the architect Julius Šeibokas, son of the author of the existing complex, we have found optimal solutions for the reconstruction of the buildings on Vilniaus Street 33 in the Lithuanian capital. This also results in the smooth and successful presentation of the project to the public and the coordination of design proposals with the municipality. Once the design proposals have been approved, we have obtained the design requirements for the renovation of the complex and are starting the technical design works for the reconstruction of the buildings,” says Vytautas Bakšinskas, real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
He notes that this exceptional project is being developed in the protected Old Town of Vilnius, which is subject to strict requirements for heritage preservation. Thus, the process of preparing the engineering design for reconstruction will not be quick or easy, and at this stage it is difficult to predict when planning permission will be granted.
Already in 2012, the original author of the property, Justinas Šeibokas, drafted initial design proposals to reconstruct the former Communications Palace along Palangos and Vilniaus streets. More recently, Vitekta and the author’s son, architect Julius Šeibokas, have long and responsibly sought the best ways to improve the building and its surroundings while maintaining the original architectural character of the Palace of Communications.
“We paid great attention to the quality of the architecture and public spaces of the complex. The institutions that evaluated the design proposals recognized this,” says Vytautas Bakšinskas.
The reconstruction of the complex located at 33 Vilniaus Street aims to create a four-storey administrative building and an attic for high-end offices. Its ground floor will house restaurants and commercial premises. The above-ground space of the building is expected to increase from 3,600 square meters after the reconstruction to 10,000 m². The public spaces of the complex, for their part, will become an attraction for the inhabitants and visitors of the city thanks to the original and creative solutions envisaged. Instead of aerial car parks and on part of the roofs of buildings, green spaces and leisure areas to contemporary standards are planned.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, and the manufacturing, warehouse and office complex of Dommo Business Park next to the Riga bypass. The company’s properties were 98% to 100% occupied at the end of 2021.
The current real estate portfolio of INVL Baltic Real Estate covers a total area of 28,000 m². and a value of 29.7 million euros.
Since its launch as a collective investment scheme (on December 22, 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. The fund operates as a closed-end investment company. The management of the company was assumed by INVL Asset Management, one of the leading asset management companies in Lithuania. The company will operate as a closed-end investment company until 2046, with a possible extension for another 20 years.
The person authorized to provide additional information:
Real estate fund manager of the management company
Email [email protected]