AS Pro Kapital Grupp subsidiary company in Lithuania purchased via auction the Vilnius College building, located in the very centre of the capital city, on Naugarduko street. The acquisition deal, valued at €6.25 million, was completed on August 30th.
The Lithuanian subsidiary of AS Pro Kapital Grupp purchased a four-story building belonging to the Vilnius College, built in 1957 and with a total area of 3,400 sq. m., together with the right to lease an area of 0.24 ha of state-owned land at Naugarduko str. 5, Vilnius. The initial sale price of the building was set at €3.2 million. 14 participants competed in the auction held on 5 July.
“This promising investment in the centre of Vilnius will complement our portfolio of high-class residential buildings under development by our company. From the hill of Naugarduko street, a wonderful panorama of the Old Town of Vilnius opens; cultural, educational, and entertainment institutions can be reached on foot, making it a particularly attractive place to live and work. After reconstruction, this building will blend in with the Šaltinių Namai I Attico quarter being developed nearby by our company,” says Edoardo Axel Preatoni, CEO of AS Pro Kapital Grupp.
The company plans to develop and adapt the purchased building for residential and commercial purposes.
“We want to preserve and reveal the benefits and heritage of this building and its surrounding environment. However, we will only be able to reveal more detailed plans and investments at a later stage of this project’s development. Our company started investing in this part of Vilnius Old Town back in 2004. The location even surprises many local people with its impressive panoramas of the city and the tranquillity that can be found in the city centre,” says Neringa Rasimaviciene, Managing Director of LTD Pro Kapital Vilnius Real Estate.
Just a few hundred metres away from the newly acquired Vilnius College building, at the intersection of Aguonų and Šaltinių streets, Pro Kapital has developed two new quarters: Šaltinių Namai and Šaltinių Namai I Attico.
The company has invested €25,3 million in Šaltinių Namai development, which consists of six residential buildings featuring classical old town architecture with commercial space on the ground floors and 11 townhouses. The total floor area of the development is more than 19,000 sq. m.
The second project implemented by Pro Kapital in this area is Šaltinių Namai I Attico, which consists of five residential buildings with a total area of 8,083 sq. m. Investment into this project totals €18,8 million. A commercial building and four residential city villas will be built during the second phase of development of this quarter.
