INVL Baltic Real Estate (hereinafter referred to as the Company) hereby announces that the Municipality of Vilnius City has approved a design proposal for the reconstruction of a complex owned by the Company located in the Old Town of the city at 33 Vilnius Street. I’ll announce it. The reconstruction of the complex is intended. Create a four-story administration building and an attic for high-end offices. The first floor will house restaurants and commercial facilities.
Additional Information:
The Municipality of Vilnius City has approved a design proposal for the reconstruction of a complex owned by real estate investment firm INVL Baltic Real Estate in the city’s Old Town.
“Working with the design firm Viltekta and the architect Julius Šeibokas (son of the author of the existing complex), we have found the optimal solution for the reconstruction of the building on Vilniaus Street 33 in the Lithuanian capital. It is also demonstrated by the smooth and successful presentation of the project to the public and the coordination of the design proposal with the municipality.After receiving the approval of the design proposal, we obtained the design requirements for the renovation of the complex and the reconstruction of the building. We are embarking on a technical design for ,” said Vytautas Bakšinskas, real estate fund manager at INVL Asset Management, which manages INVL Baltic Real. Estate.
He said this exceptional project is being developed in the protected Old Town of Vilnius, which is subject to strict requirements for heritage protection. Therefore, the process of preparing technical designs for reconstruction is neither quick nor easy. At this stage, it is difficult to predict when the building permit will be granted.
Already in 2012, the original author of the property, Justinas Šeibokas, drafted the first plans for the reconstruction of the former Communication Palace along Palangos and Vilniaus streets. More recently, Vitekta and his son Julius Šeibokas, the author’s son and architect, took responsibility for finding the best way to upgrade the building and its surroundings while preserving the original architectural features of the Communications Palace.
“We have paid close attention to the architecture of the complex and the quality of the public spaces.
The reconstruction of the complex at 33 Vilnius Street aims to create a four-story administration building and an attic for high-end offices. The first floor will house restaurants and commercial facilities. The ground floor of the building will be expanded by 3,600 square meters after the rebuilding to 10,000 square meters. On the other hand, the public spaces of the complex will be attractive to the city residents and visitors thanks to the envisaged non-standard and creative solutions. Part of the roof of the building, instead of above-ground parking, is planned to be a green space and recreational area according to modern standards.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns properties in Vilnius and Riga. A manufacturing, warehouse and office complex in the Old Town of the Lithuanian capital on Vilnius Street and office buildings in Saures Miesteris and the Donmo Business Park by the Riga Bypass. The company’s properties were 98% to 100% occupied by the end of 2021.
INVL Baltic Real Estate’s current holdings total 28,000 square meters. It is worth 29.7 million euros.
Since its launch as a collective investment business (December 22, 2016), INVL Baltic Real Estate is one of the Baltic real estate funds open to private investors with the highest stable returns . The Fund operates as a closed-end investment company. Management of the company was taken over by INVL Asset Management, one of his leading asset management companies in Lithuania. The company will operate as a closed-end investment company until 2046, with a 20-year extension available for him.
Person authorized to provide additional information:
Management company real estate fund manager
Vytautas Bakshinskas
Email [email protected]
