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.
Tom Sandvik, Head of Baltic countries and Central Eastern Europe division, International Construction Services, tel. +358 400 617 807, email@example.com
Kestutis Vanagas, Managing Director, YIT Kausta, tel. +370 37 452 348, firstname.lastname@example.org
Janne Rytkönen, SOK, Real Estate Manager, tel. +358 40 532 2261, email@example.com
YIT is a leading European service company in building systems, construction services and services for industry. Our 26,000 professionals serve customers in 14 countries in the Nordic and Baltic countries, Russia and Central Europe. Over one hundred years we have grown together with our customers and developed our services in line with the changes taking place in different societies. We intend to continue on that track. Our vision is to lead the way in creating and maintaining good living environments. In 2012, YIT’s revenue was approximately EUR 4.7 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com
YIT Kausta is one of the largest construction and real estate development companies in Lithuania. It manages construction, reconstruction and renovation works of different types of business premises. YIT Kausta also operates in residential markets in Lithuania, assuming responsibility from the development of projects to the sale of the apartments. The company has extensive experience in the construction of administrative, public, trade, industrial and environmental buildings as well as residential houses. YIT Kausta has operated in Lithuania since 1966 and as part of YIT since 1999.