Eika Asset Management starts development of its first Real Estate project

The EIKA Residential Fund, of the investment management company Eika Asset Management (EAM) that is owned by the EIKA Group, has, jointly with its Partners, started development of a project in Antakalnis (Vilnius). This is the first project to be developed by the Fund powered by Eika Asset Management.

The project is called “Antakalnio panorama”, which will be developed in Smėlio street. It includes a 7-storey, 58-apartment building with an underground parking lot featuring 52 parking spaces. The start of construction and the sale of apartments is scheduled in late summer of this year, and the buyers will be able to settle into the first apartments as soon as the end of 2019.

“The establishment of funds that enable investors to contribute to the sustainable development of Vilnius and other cities, by creating sustainable residential and commercial Real Estate projects of enduring value, is envisaged in the activities of EAM. This project will not only organically fit into the urban landscape of old Antakalnis, and give it life, but also, by its exclusivity and prestigious location in the city, will secure an attractive return for the investors”, said Andrius Uždavinys, the Manager of the EIKA Residential Fund.

During the development of the project, the city’s infrastructure will be improved simultaneously. An additional one-way traffic lane, with short-term parking spaces, will be made in Antakalnis street, where parents who bring their children to the school in the morning, will be able to drop off them safely. For the convenience of the residents of the neighbouring houses, additional shared parking spaces will be created in Smėlio street, and the recreational space, which will be refurbished, between the new building and Antakalnio Street will become the distinct feature of the project.

The total investment in the project amounts to EUR 6.5 million. The project is being developed jointly with UAB “Julivera”, who are partners in the project. The investors have agreed to entrust the construction management and apartment sales to UAB “Eika”.

The rules of the closed-end real estate investment fund, EIKA Residential Fund for informed investors, which was established by EAM, were approved in March 2017 by the Supervision Service of the Bank of Lithuania.

Find out more about the project “Antakalnio panorama” at: https://antakalniopanorama.lt