Eika Development Fund (EDF), managed by investment management company UAB Eika Asset Management (EAM), has acquired land plots in the Pilaitė and Naujininkai districts in Vilnius. The first acquisition was carried out together with AB SKV-Valda and included two land plots of 32 acres and 46 acres at Pilkalnio g. 5 and 7 in Pilaitė. The second acquisition is a 55-acre land plot at Kaminkelio g. 23 in Naujininkai. The amounts of the transactions are not disclosed. It has been confirmed that UAB Eika will manage the projects with the approval of the fund’s investors.
The plots on Pilkalnio Street are located in the western part of Pilaitė, in a quiet area close to Lake Gelūžė. According to the detailed plan, the plots are planned to be used for the construction of economy class apartment houses. Viktorija Orkinė, EAM’s managing director, says that investments in land plots in Pilaitė are always relevant, as this area has always been a favourite among Vilnius residents and is consistently among the top 3 districts with the highest number of new housing purchases. “Pilaitė is a city within a city, popular for its green areas and its shopping and entertainment centres,” says Ms Orkinė.
The Kaminkelio Street plot is located in the southern part of Naujininkai, separated from the Vilnius Southern Bypass by a generous green area. According to the detailed plan, the plot is planned to be used for middle-class apartment buildings. “The Naujininkai district was not chosen by chance, and we have been looking for investment opportunities in this particular area of Vilnius for some time. We believe that this location perfectly meets the needs of today’s market – the property is located close to the city centre, with excellent accessibility by public transport, bicycle or scooter, and most importantly, there is a lot of greenery in the vicinity,” – says Andrius Uždavinys, EAM fund manager.
The plots in Pilaitė and Naujininkai are EDF’s second and third investments. In addition, EDF’s investment portfolio includes a plot in the Vilnius Visoriai district. EDF was established in July 2020 and is focused on mixed-use real estate investments, making it the third real estate fund managed by EAM. The fund is aimed at informed investors. EAM’s first fund, Eika Residential Fund, already has three housing projects in its portfolio: Antakalnio Panorama has been successfully completed, while Šv. Stepono Baltas Lapas and Mėlyni Vilkai are currently under development in Vilnius. The investment activities of the first fund have been completed, so the two funds are not in competition with each other.