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Published: 11 february 2020 14:43

Darnu Group to invest more than 70 million euro this year

Paupys
Darnu Group / Paupys

One of the largest living, business and leisure space developers in Lithuania Darnu Group will be investing 71 million euro into real estate projects this year. Forty-one million euro has been allocated for residential real estate development, with another 30 million euro earmarked for non-residential premises.

According to Darnu Group CEO Sigita Survilaitė-Mekionienė, the most investment this year will be directed toward “Paupys” - a conversion project being developed in a more than 7-hectare territory in the capital’s old town next to the Vilnelė river. A further seven blocks are planned to be developed in the area.

In total, 824 apartments will be built in the Paupys area, and 21 thousand square meters of commercial premises will be on offer. The constructions are due to conclude in 2022.

This year, the first residents are already settling in to live and work in Paupys, a business quarter is due to open, as well as the cinema Pasaka, Vilnius’ third RE.FORMATAS sports club. Furthermore, a new centre of gravity is to emerge for city residents – the Paupys Market.

Paupys is not only currently the largest in the capital, but also the most important Darnu Group project: it reflects the company’s vision and goals – to create a sustainable city adapted to the needs of the modern individual, grant them the opportunity to work and make use of all necessary services where they live,” S. Survilaitė-Mekionienė says.

The company head notes that this year’s investment is a part of a long-term plan, which reflects planned project work. The core assumptions, which allow to plan such sums are a favourable recent economic environment, expected continued modest improvements in it and consumer expectations are retaining a positive slant, being spurred on by continuing growth in home affordability.

In 2020, the private-public partnership project in Panevėžys will continue. For it, the company has not only committed to planning and constructing within three years a new district police headquarters building with holding cells, a garage and a secure car lot, but also to provide administration services for it for 12 years. It is planned for the new headquarters to be opened in early 2022. With the implementation of this project, officers will be working and offering services to citizens in a modern and suitably adapted building, whose energy efficiency will match the A++ standard.

In the company’s plans for this year, we also see purchases of new plots of lands intended for the development of residential and commercial projects.

2019 – marked by record investment

Last year, Darnu Group made investments totalling a record for the company of 74 million euro, which was split into two parts of 37 million between residential and non-residential project development. For the most part, the record investment was due to the development of Paupys, rapidly gaining momentum.

Last autumn, the 15,000 square meters class A office building East Hill opened its doors to tenants in the business centre Park Town that the company is developing. The second sports club of the RE.FORMATAS network, which is being developed by Darnu Group, also opened its doors in it, with the first sports club of this network previously opening its doors in Verslo Trikampis. The company has invested over 2 million euro into these sports clubs and a total of 40 million euro into the entire Park Town business centre.

In summer, the new Vilnius district chief police headquarters (VPK) offices in Antakalnis and holding cells in Naujamiestis were opened. This is the first in Lithuania joint police and private business project during which Darnu Group created for the capital’s police officers functional, modern spaces, which help ensure quality and productive work.

In the tourism industry, Darnu Group owns the hotels Artagonist and Urbihop, in the catering sector – the restaurant U. The company also manages a business group, which works with the administration of tennis, badminton and squash courts in SEB Arena, which will be modernised this year and also houses the Vilnius Academy of Tennis for the nurture of sports talents. The business group also manages other sports and wellness spaces.

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