2013-08-28 11:52

Swedbank's real estate firm set to exit Lithuania

Ektornet, a real estate company owned by the Swedbank Group, is winding down its operations in Lithuania, with the remainder of its real estate portfolio to be divested by the end of the year, the business daily Verslo Žinios reports.
Swedbank
Swedbank / TOOMAS HUIK/PM/SCANPIX BALTICS / Postimees.ru

"We now have a package of small and rather liquid assets that can attract people looking for housing for themselves or small companies that need premises. We will organize a kind of sell-off in which potential buyers will be able to purchase real estate at favorable prices," it quoted Ektornet CEO Peter Buttenschon as saying.

Commercial assets made up the bulk of Ektornet's portfolio in Lithuania, as well as in Estonia, which the company is also set to exit this year.

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