Groundbreaking ceremony for new office center in Lithuania (LT)

The Baltic Republic of Lithuania continues to defy the adverse economic conditions in the rest of the region with the construction of a new major office center in Kaunas. The groundbreaking on January 6 drew a crowd welcoming the new development next to the successful Mega shopping center in Lithuania's second biggest city.

The 33,000-m² project is being constructed in two phases. The first phase will be completed later this year and predominantly house the central operations of the region's leading DIY retailer, Senukai. Having outgrown their previous location nearby, the Finnish-owned retailer signed a 15-year lease to secure their headquarters.

The initial commitment of some €23 million by the investor BSC is supported through a loan by the Nordic bank Nordea, arranged by the private equity and investment banking group Zabolis Partners. Project developer and advisor is Baltic RED. YIT Kausta have been chosen as general contractor.

Source: Baltic RED

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