In 2018, investment of Real Estate projects managed by EIKA Group amounted to EUR 50 million. Last year, EIKA further expanded the product range it offers: jointly with the partners in Kaunas, were the first in Lithuania to offer a community lifestyle housing – “Solo Society” home for students. According to Domas Dargis, the CEO of EIKA, in the context of changing market needs and funding opportunities, product diversification and new Real Estate services will continue to be the priorities of the Group of Companies.
In 2018, EIKA sold 353 apartments which are worth close to EUR 39 million. 6 percent more apartments were sold compared to 2017. By popularity of the projects, in 2018 the mid-class project ”Braids of Houses” maintained its position as a leader in the sales structure of EIKA – 108 apartments were sold in the project, 88 economy class apartments were sold in the project developed in Karaliaučiaus street in Pilaitė, and the third most popular project was the project of prestigious class housing ”Live square” – with 59 apartments sold.
“This is the second year that we notice higher sales in the sectors of mid-class and prestigious class housing. Hence, the need to move living to housing albeit small but located in the central part of the city will further dictate the demand of this segment”, – says D. Dargis.
During 2018, EIKA offered housing in 10 projects, in three of them the last accommodations were sold, and three projects were started – ”Vytauto 35” in Žvėrynas, ”Antakalnis panorama” in Antakalnis, in which Eika Residential Fund powered by Eika Asset Management invested, and ”Baltas Lapas” in Naujamiestis. Development in the projects ”Bajorų alėjos”, ”Namų pynės”, and ”Eika namai Pilaitėje” is further continued. In 2018, the market supply was supplemented with the total of 333 apartments by EIKA.
In the segment of commercial property, in 2018, EIKA leased nearly 100 percent of the area of the business and shopping complex ”Live Square” under construction. At the end of the previous year, 97% of the total commercial area managed by the Group of Companies were occupied. During the last year, EIKA targeted part of its investment and resources in the development of industrial Real Estate. The Group has developed infrastructure in Vilnius Industrial Park – has built the road, has installed high power electricity supply system. The park is expected to attract 100-150 million of investment. 4 new projects were started in Kėdainiai and Šiauliai FEZs which are developed jointly with the partners. Their investment will amount to EUR 34 million.
”2018 is the year of change in the form of activities of EIKA. During this year, we have structured all the necessary expertise and tools which allowed ensuring the Group becoming a provider of all real estate services. We are ready to offer the following services to the market: product development, construction management, asset management, raise of investment and funding, and investment in Real Estate, sales, marketing. We started working under this method back in 2015, but in 2018 this model became the standard of EIKA both for internal and external projects”, – states D. Dargis.
In 2019, one of the most spectacular challenges awaits for the Group of Companies – the completion of the project ”Live Square”. This year, the last stage of the project ”Braids of Houses”, the 2nd stage of the projects ”Balas lapas” and ”Bajorų alėjos” will be commenced this year. The neighbourhood ”Eika namai Pilaitėje” is further developed. Small projects – ”Vytauto 35” and ”Antakalnis panorama” are expected to be successfully completed. The second block of ”Solo society” in Kaunas will be completed, work is being done in connection with investment feasibility studies and project proposals for the building acquired which is located in Kęstučio street in Kaunas, and the plot of land which is situated in Lvovo street in Vilnius. Eika Asset Management plans to introduce two more Real Estate funds to the market.
In 2019, the amount of the planned investment of the projects managed will amount to EUR 179 million, and during 2019, nearly EUR 59 million will be invested in them.
About EIKA Group
Founded in 1992, EIKA is one of the largest Groups of Companies in Lithuania engaged in Real Estate development and construction. The Group successfully develops the projects of residential, commercial, public and other purpose buildings. The Company has already built nearly 4,500 apartments and buildings with an area of 416 thousand square meters.
EIKA was many times awarded as the best Real Estate developer in Lithuania, the projects of the “Santariškių namai”, Basanavičiaus 9A and “Eika namai Pilaitėje” became the best in Lithuania.