In 2018, investments in real estate projects managed by the EIKA group of companies reached EUR 50 million. Last year, EIKA further expanded the range of products offered: together with partners in Kaunas, they were the first in Lithuania to offer communal lifestyle housing – “Solo Society” houses for students. According to EIKA CEO Domas Dargis, as market needs and financing opportunities change, product diversification and new real estate services will continue to be the group’s priorities.
In 2018, EIKA sold 353 apartments, worth almost EUR 39 million. The number of apartments sold was 6 percent more than in 2017. In terms of the popularity of projects, in 2018, the leading position in the EIKA sales structure was maintained by the middle-class project “Namų pynės” – 108 apartments were sold in the project, 88 economy-class apartments were sold in the project on Karaliaučiaus g. Pilaitė, and the third most popular prestigious housing class project “Live square” – 59 apartments were sold. “For the second year in a row, we have been noticing higher sales in the middle and prestigious housing classes. This means that the need to move to live, even in a smaller, but centrally located apartment, will continue to dictate the demand for this segment,” says D. Dargis.
In 2018, EIKA offered housing in 10 projects, of which the last apartments were sold in three, and three were launched – “Vytauto 35” in Žvėrynas, “Antakalnio panorama” in Antakalnis, in which the Eika Residential Fund managed by Eika Asset Management invested, and “Baltas lapas” in Naujamiestis. Development continues in the projects “Bajorų alėjos”, “Namų pynės” and “Eika namai Pilaitė”. In total, EIKA added 333 apartments to the market supply in 2018.
In the commercial property segment, EIKA leased almost 100 percent of the area of the “Live Square” business and shopping complex under construction in 2018. The occupancy rate of the total commercial space managed by the group of companies reached 97 percent at the end of last year. In recent years, EIKA has directed part of its investments and resources to the development of industrial real estate. In the Vilnius Industrial Park, it has developed infrastructure – a road, brought in high-power electricity, it is expected that the park can attract 100-150 million. investments. 4 new projects have been launched in the Kėdainiai and Šiauliai FEZs being developed with partners, the investments of which will reach 34 million. EUR.
“2018 is a year of changes in the form of EIKA’s activities. During these years, we have structured all the necessary competence and tools that ensure that the group of companies has become a provider of all real estate services. We are ready to offer the market services of product development, construction management, asset management, investment and financing attraction, and investment in real estate, sales, and marketing. We started working according to this method back in 2015, but in 2018 this model became the EIKA standard for both internal and external projects,” says D. Dargis.
In 2019, the group of companies faces one of the most impressive challenges – the completion of the Live Square project. This year, the last phase of Namų pyniai, the second phase of Baltos lapas and Bajorų alėjų will be launched, the Eika Namai Pilaitė quarter will continue to be developed, and small projects – Vytauto 35 and Antakalnio panorama – are expected to be successfully completed. The second Solo Society building will be completed in Kaunas, and work is underway on investment feasibility studies and project proposals for the acquired building on Kęstučio st. in Kaunas and the plot of land on Lvovo st. in Vilnius. Eika asset management plans to introduce two more real estate funds to the market.
The planned investment amount for managed projects in 2019 will reach EUR 179 million, and almost EUR 59 million will be invested in them in 2019.
About the EIKA group of companies
Founded in 1992, EIKA is one of the largest real estate development and construction groups in Lithuania, successfully developing residential, commercial, public and other building projects. The company has already built almost 4,500 apartments and 416 thousand square meters of buildings. EIKA has been awarded many times as the best real estate developer in Lithuania, the company’s projects “Santariškių namai”, Basanavičiaus 9A and “Eika namai Pilaitė” have become the best in Lithuania.