Lithuania’s State Property Bank Plans to Sell More Than 10 Million Euros in Assets by Year-End

Lithuania’s State Property Bank expects strong investor interest to push the value of property sold at auctions this year about 30% above the 27 million euros planned at the start of the year.

Indrė Kajokienė, director of the bank’s Commercial Department, said more than half of the announced auctions had already succeeded. Competition among participants has lifted final sale prices by about 20% on average, she said.

The bank plans to offer several major properties this autumn. In Vilnius’s Šeškinė district, an administrative building with a plot of land has an initial price of 2.25 million euros. The building covers about 1,200 square meters.

In Kaunas, an approximately 2,200-square-meter building near the Old Town, formerly used as a Sodra customer service center, will be offered at an initial price of 1.94 million euros. In Klaipėda, an administrative complex near Herkaus Manto Street, covering about 1,500 square meters, will start at 1.64 million euros.

A 1,100-square-meter building in Palanga, including leisure premises, a courtyard and land, will be offered to investors for 1.89 million euros. During the first eight months of the year, the bank sold 374 properties through auctions for a total of 19.85 million euros.

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More than half of the announced auctions have been successfully completed, and competition among participants raises the final sale price by about 20 percent on average. This allows us to forecast that the value of property sold at auctions by the end of the year will exceed the 27 million euros planned at the beginning of the year by approximately 30 percent.