Finnish construction giant YIT has entered into a joint venture with EfTEN to develop the next phase of a residential project in Kaunas, Lithuania.
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The parties own half each, and the project comprises a total of six residential buildings with apartments and commercial spaces. The value of the agreement is not disclosed.
"The investment meets our criteria – an attractive location, a compelling concept, strong architectural solutions and a stable partnership with YIT. This is EfTEN Special Opportunities Fund's first investment in Kaunas and means that the fund is approaching the end of its investment phase, as the entire allocated capital of EUR 40 million has been utilized. We are confident that this partnership will ensure the consistent execution of the project and create sustainable value for both the city and our investors," says Karolis Ražukas, investment manager at EfTEN Capital Lithuania.
