The real estate investment company INVL Baltic Real Estate submitted design proposals for reconstruction of the building at Vilniaus Street 37 in the Old Town of the Lithuanian capital to the Vilnius City Municipality for consideration. The design proposals for the reconstruction of the building, which is listed as a real cultural heritage object, were prepared by Senojo Miesto Architektai.
“We worked long and hard with the team of architects to find the best solutions for adapting this state-protected historic building to modern needs. Architectural and polychrome studies of the building found many surviving historic wall and ceiling paintings, so we have brought in highly competent specialists to preserve and restore that cultural heritage and open it up to the public. Together with a team of architects, designers and cultural heritage specialists, we plan to create an exceptional facility that will not only meet the needs of modern business but will also become a new point of attraction for Old Town residents and visitors. We now invite the public to get acquainted with the design proposals for the reconstruction of this unique building in the Vilnius Old Town,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
At the end of February this year, a permit was obtained for maintenance works, which are planned to start in the near future. Maintenance and reconstruction of the building are expected to be completed by mid-2024.
After completing the renovation and maintenance works, INVL Baltic Real Estate will offer the market approximately 2,100 sq. m. of high-end leasable space. There will be about 1,400 sq. m. of office space on the second and third floors of the building, with three restaurant facilities expected to occupy the total of about 700 sq. m. on the first floor.
The real estate investment company acquired most of the premises and part of the land at Vilniaus Street 37 from Turto Bankas VĮ in an auction in September 2021. Late last year INVL Baltic Real Estate merged the company RE 1, which owned some of the building’s space, into itself and became the sole owner of this distinctive edifice.
“The location of the building at Vilniaus Street 37 in the Vilnius Old Town and its surviving valuable historical attributes make this project unique. We are delighted to be able to contribute to the restoration and revitalisation of this historically significant building. We are confident that this project will not only create a prosperous and inviting setting for future tenants and their guests, but will also generate an attractive return for the company’s investors,” the real estate fund manager Vytautas Bakšinskas says.
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 55-ha Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company’s properties had occupancies of 98% to 100% at the end of December 2022.
INVL Baltic Real Estate currently owns properties with a total area of 28,000 sq. m. and a value of EUR 36.4 million.
Since its launch as a collective investment undertaking (on 22 December 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 company is managed by INVL, the leading investment management and life insurance group in the Baltic region. INVL Baltic Real Estate will operate as a closed-end investment company until 2046, with extension possible for a further 20 years.
