A new building will add another 26,700 sqm to the campus, bringing the total rentable area to just over 100,000 sqm upon completion of the project. Construction is scheduled to start in December 2018 and to be completed in the fourth quarter of 2020. The initial yield is estimated at 7.1 percent and the stabilized yield at 8.4 percnt. The pre-let rate of the new building is 47.0 percent. The anchor customer is Skandinaviska Enskilda Banken AB Vilnius branch (SEB Global Services).
“The Vilnius office market is dynamic both from the demand and supply side, and the overall office vacancy in Vilnius is only around three per cent. Further, this investment strongly supports our customer diversification strategy in the Ozas Campus,” says Keith Silverang, CEO of Technopolis.
“Our occupancy in Vilnius has been very high over the past five years, and currently the campus is practically full. The project will certainly attract new customers to the campus but our existing customers are also looking for space to expand. We need to be able to cater to their needs and grow with them,” says Lina Maskoliūnė, Vilnius Business Unit Director.
The new complex will be called Nova and it is on track to achieve a Gold-level LEED (Leadership in Energy and Environmental Design) certificate.
Technopolis Invests in Vilnius
Finland — Technopolis will invest a total of EUR 51.9 million in organic expansion in its existing Ozas Campus in Vilnius, Lithuania.