YIT to construct a Prisma shopping centre in Vilnius, Lithuania
YIT has initiated a new property development project by launching the construction of a Prisma shopping centre for SOK in Vilnius. The project is realised by YIT’s Lithuanian subsidiary YIT Kausta. Prisma will be constructed on a plot acquired by YIT Kausta. The total value of the project is approximately EUR 12 million. The trade agreement was signed on 6 June 2013.
The construction work of the shopping centre began in summer 2013, and the Prisma supermarket is to open its doors in the second quarter of 2014. Approximately 10,000 square metres of sales space have been planned in shopping centre that will host small boutiques in addition to the Prisma supermarket. An underground car park will also be constructed in the shopping centre, with spaces for more than 300 cars, and the outside parking area can accommodate an additional 160 cars.
The shopping centre to be constructed will be the fourth Prisma in Lithuania and the second in the capital, Vilnius. The location of the shopping centre is excellent, as approximately 100,000 residents live in the area, and the Vilnius Ring Road, currently under construction, will be completed in the vicinity.
There are 53 Prisma shopping centres of the S Group in Finland, eight in Estonia, five in Latvia and 15 in Russia.
“Our company has renewed the local property development business. As a project developer in the new model, we are responsible for all stages of the project, from market analysis to the realisation of ideas and concepts, as well as leasing and sales of the property. SOK selected us as its partner because we have years of experience of managing the building process, and our previous cooperation has been smooth and has built trust between us,” says Kestutis Vanagas, Managing Director of YIT Kausta.
YIT Kausta has realised many property development projects in Lithuania. In 2007, the Kaunas logistics terminal, covering 30,000 square metres and worth EUR 17 million, was completed in the Free Economic Zone (FEX) in the city of Kaunas. Currently, YIT Kausta is constructing a ‘Solo City’ residential block and ‘Grand Office’ business centre on the plots next to Prisma in Vilnius.
About YIT Kausta:
For further information: