The Eika Development Fund (EDF), managed by the investment management company UAB Eika Asset Management (EAM), has acquired land plots in Vilnius, in the Pilaitė and Naujininkai microdistricts. The first acquisition was made together with AB SKV-Valda and includes two – 32 a and 46 a – land plots at Pilkalnio g. 5 and 7 in Pilaitė. The second acquisition is a 55 a land plot at Kaminkelio g. 23 in Naujininkai. The transaction amounts are not disclosed. It has been confirmed that, with the approval of the fund’s investors, the projects will be managed by UAB Eika.
Pilkalnio Street plots are located in the western part of Pilaitė, in a quiet place near Lake Gelūžė. According to the detailed plan, economy-class apartment buildings are planned to be designed on the plot. EAM General Director Viktorija Orkinė states that investments in land plots in the Pilaitė microdistrict are always relevant, as this place has long been loved by Vilnius residents and is constantly among the top 3 microdistricts in which the most new housing has been purchased. “Pilaitė is a city within a city, loved for its green spaces and shopping and entertainment centers located right here,” says V. 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, it is planned to design middle-class apartment buildings on the plot. “The Naujininkai district was not chosen by chance, we have been looking for investment opportunities in this particular district of Vilnius for some time now. We believe that this location perfectly meets the needs of today’s market – the object is close to the city center, has excellent public transport, bicycle or scooter connections, and most importantly – there is a lot of greenery nearby,” says Andrius Uždavinys, manager of EAM funds.
The plots in Pilaitė and Naujininkai are the second and third investments of EDF. In addition, EDF’s investment portfolio includes a plot in the Visoriai district of Vilnius. EDF was established in July 2020 and is focused on mixed-use real estate investments, it is the third real estate fund managed by EAM. The fund is intended for informed investors. The portfolio of EAM’s first fund, Eika Residential Fund, already includes three housing projects: “Antakalnio panorama” has been successfully completed, while “Šv. Stepono Baltas lapas” and “Mėlyni vilkai” in Vilnius are currently being developed. The investment activities of the first fund have already been completed, so these two funds do not compete with each other.