INVL Baltic Real Estate (hereinafter referred to as company) together with the design firm Viltekta, to submit design proposals for the City of Vilnius for consideration for the reconstruction of the administration building on Palangos Street 4 / Vilniaus Street 33 owned by the firm. The reconstruction is expected to increase the area of the complex above the ground by about 3,600 square meters. A public presentation of the project will be made on January 20, 2022.
Additional information:
Real estate investment firm INVL Baltic Real Estate has submitted prepared design proposals with design firm Viltekta for the reconstruction of the administrative building at Palangos Street 4 / Vilniaus Street 33 in the Lithuanian capital, for consideration by the Vilnius City Municipality. A public presentation of the project will be held on January 20.
“I am confident that with Viltekta we have found the best solution for the renovation of the Communication Palace. Our plan is to increase the above-ground floor area of the complex by about 3,600 square metres. After the reconstruction. We want to develop an exclusive property that can meet the needs of modern business and give the city residents the gift of a new gathering point with More green space and landscaping arrangement for buildings and a section of Balangus Street,” said Vitotas Baxinskas, director of the real estate fund at INVL Asset Management, which operates INVL Baltic Real Estate. He added that once the design proposals are approved and other project coordination procedures are completed, work on the technical design for the reconstruction will begin.
The construction of the current building according to the design of the engineer Justinas Chebokas was completed in 1978. His son, the architect Julius Chebokas, prepared design proposals for its reconstruction in collaboration with the design firm Viltekta. According to the author of the proposals, the former Palace of Communications, also known by its creator as the automatic telephone exchange, was planned to be a center for the development of modern technology emerging at that time – telephone communication. It symbolized a gathering point and a talking point: it was a place where people met and interacted, to connect with other cities across the country and the world.
“Already in 2012, with the building’s architect Justinas Chebocas, we drafted initial design proposals for the reconstruction of the Communication Palace complex to enable appropriate adaptation of Group A and B to meet contemporary needs. Since Group A’s original purpose was to provide telephone equipment, they did not need to Lots of windows; architect Julius Šeibokas said about the project: “We plan to significantly increase their number and thus adapt the space to the needs of modern administrative buildings.”
According to Viltekta CEO, Architect Tomas Segalis, while working on the design proposals, the architects searched for a long time and responsibly for the best ways to upgrade the building and its surroundings while preserving the original architectural character of the Communication Palace.
“It is very important for us to preserve the valuable features of the property, and in particular to pay attention to the quality of architecture required by the site of the complex in the old city of Vilnius. When developing design proposals, we paid great attention to the public spaces of the complex – after the reconstruction it will be completely renovated. He noted that instead of From the above-ground parking and on part of the roof of the buildings, modern green spaces and recreation areas are planned.
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilnius Street and in Šiaurės Miestelis, the Dommo Business Park manufacturing, warehouse and office complex next to the Riga lane. The occupancy rate of the company’s property at the end of the year was 98% to 100%.
The current assets of INVL Baltic Real Estate are 26,000 square metres. With a value of 24.1 million euros.
Since its launch as a collective investment project (on December 22, 2016), INVL Baltic Real Estate has been one of the real estate funds in the Baltic region open to retail investors with the highest stable returns. The fund operates as a closed investment company. The company is managed by INVL Asset Management, one of the leading asset management companies in Lithuania. The company will operate as a closed investment company until 2046, with the possibility of an extension for another 20 years.
Person authorized to provide additional information:
Manager of the real estate fund in the management company
Vitotas Baxinskas
email vytautas.baksinskas@invl.com
.