The general contractor Litana is beginning construction on a new neighborhood shopping center in Klaipeda.
The general contractor Litana is beginning construction on a new neighborhood shopping center in Klaipeda.
The approx. 4,000-m² project will bring a new Rimi supermarket to Lithuania's third biggest city and house some 20 other retailers to supply local residents. The planned opening for the center in Liepojos gatve 27 is December 2009.
"The opening of the new shopping center this year coincided with our plans to actively expand the store network of Rimi Lietuva. In Klaipeda there is already one Rimi hypermarket and four supermarkets, but now we can be reached even better. We are very happy to be opening a new store, creating new jobs in this difficult time," says Tony Holmberg, Managing Director of Rimi Lietuva.
The project is managed by Zabolis Partners, the investment banking and private equity firm. Nordea finances the development, which is owned by a real estate group in which the Rakauskas family and Zabolis Partners jointly participate.
Guido Wolf, Director of Group Development at Zabolis Partners explains: "The partnership of businesses that are familiar with the specific conditions for retail in the Baltic States ensures that investments can continue in this region, despite the challenges felt by others. We see plenty of opportunities for new activities in retail and real estate in the Baltics, provided that all risks are evaluated cautiously and addressed with professional expertise."
Other significant investments undertaken this year in Lithuania are the construction of new headquarters for the DIY retailer Senukai next to the MEGA shopping and leisure center in Kaunas, and a third Prisma hypermarket in Lithuania, also in Kaunas.
Source: Zabolis Partners
