News

New complex of offices and apartments will be built in the center of Vilnius

2018-11-26

Company “Kenova Asset Management” will develop a new office and apartment complex on Algirdo Street in Naujamiestis. The construction work is set to begin in the second half in 2019 with investments amounting to 20 million Euros.

A new complex combining office and residential premises will be built on a 0.5-hectare site on Algirdo Str. with a long history of neglect and lack of proper maintenance dating back many years. According to Kęstutis Faktorovičius, the Director of “Kenova Asset Management”, several reasons led to a decision to invest in this site. “With the Old Town located nearby, very convenient communications, and well-developed infrastructure Naujamiestis has been a very attractive urban district both to business representatives and the general public alike for quite some time already. We will seek to develop an exemplary project combining the top standards set for offices by businesses as well as local residents’ needs in terms of quality of new accommodation facilities combined in the neighbourhood”, K. Faktorovičius said.

5 architect teams from Lithuania and foreign countries participated in the closed tender initiated by the Company. The successful tenderers were determined by a 7-member committee, including Mindaugas Pakalnis, the Chief Architect of Vilnius City Municipality, Vitas Karčiauskas, Expert on Heritage Protection, as well as Architects Edgaras Neniškis, Tadas Balčiūnas, and Diana Sabaliauskienė, etc. The tenderers were given a task: to develop a project of modern architecture with unique indoor layout, which would not only fit right into the architectural ensemble typical to Naujamiestis urban district in Vilnius but would also add a touch of uniqueness. The team of architects of the Lithuanian and Danish companies “Archinova” and “PLH Arkitekter A/S” managed to fulfil this vision best eventually becoming the successful tenderers in this project.

According to the successful tenderers, the goal was to design a new office building with modern work places and attractive residential spaces. “The natural stone façade of the office building would match the nearby buildings perfectly. The façade of the residential building will create a light contrast to the colours of the office building. The open and translucent glass façade designed on the ground floor will open a window to the daily life happening here”, Steen Enrico Andersen, the Head of “PLH Arkitekter A/S”, said.

The Complex will consist of residential and office premises arranged on approximately 8 500 sq. m area. The construction work is set to be completed in 2021.

This would be the first project developed by “Kenova Asset Management” as a management company licensed by the Bank of Lithuania. Any natural and legal entities wishing to invest in this real estate property located on Algirdo Str. would be able to do so at the end of this year via Investment Company “Kenova Mixed Fund I”. Currently the Investment Company has filed an application to the Bank of Lithuania for issuance of a licence for investment activities.

The Board of “Kenova Asset Management” is headed by Gintautas Galvanauskas, former long-time Chief Executive Officer of the Lithuanian Branch Office of “Danske Bank”. Another prominent staff member of the Company is Anatolijus Faktorovičius, one of the founders of Investment Fund “Practica Capital”. The core of the team of “Kenova Asset Management” consists of specialists with extensive experience in management of real estate projects as well as experienced real estate vendors.