Lithuanian real estate developer Hanner plans to invest €114 mln in housing projects this year.
Slightly less than half, or €50 mln, will be allocated to Lithuanian residential and commercial properties, in Vilnius and other cities.
Of the remaining €64 mln dedicated for international projects, €26 mln will be invested in student housing in Poland and €23 mln for a Hilton hotel in Venice, Italy.
Additionally, Hanner will invest €14 mln for villa projects in Marbella, Spain, as well as €1 mln to complete a co-living project in Prague, Czech Republic.
Four new residential projects are planned this year in Vilnius, offering over 400 new apartments. The projects will be located on Naugarduko Street. 62, Naugarduk st. 97, Paneriu str. 34, and Algirdos str. 77.
Arvydas Avulis, chairman of Hanner's board, said: ‘With the country's residential housing market stagnating for two years, the need to significantly increase investments would be irrational. Therefore, in Lithuania, we will pay more attention to commercial real estate objects, the most important of which is the business center "Business Stadium Central" designed by "Zaha Hadid" architects' office. Investments in residential housing in Vilnius is a priority activity of Hanner, but in the capital, bureaucratic constraints have recently significantly limited investment opportunities, so we are forced to look for alternative markets abroad.’
Last year, the company planned to invest €145 mln, but only reached €94 mln, with €61 mln invested in Lithuania and €33 mln abroad.
