Sorainen is advising PPI Group on acquiring a site in Vilnius old town to develop residential buildings with commercial premises. Planned investment is approx EUR 20 million.
PPI Group general manager Dominykas Jasilionis says that for the company this is by far the biggest residential project in the Lithuanian capital’s old town. Currently the company and the Lithuanian Union of Architects are conducting a closed architectural tender to select the best architectural and urban solution. Comments PPI Group’s general manager: “Taking into consideration that this is an old town site that everyone values and is concerned about – we seek transparency. We want to make sure that all parties express their opinion and that representatives from the municipality as well as specialists from the Department of Cultural Heritage take part in the commission.“
PPI Group is controlled by Stichting North Europe Equity Fund Management, which is registered in the Netherlands. The company has already developed residential building projects such as „Naujamiesčio alėja“, „Amber City“ and „Amber Haus“.
Sorainen is advising the client on all transactional and real estate project development-related legal issues.