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Merko and Orbis revise Vilnius Ibis sale

Anna Pakulniewicz 02 July 2018

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

Merko and Orbis revise Vilnius Ibis sale
Ibis hotel building visualisation at Ceikinių g. 3, Vilnius
LITHUANIA Merko Bustas, part of the Merko Ehitus group, and Hekon, a subsidiary of Orbis, have signed an amendment to a preliminary sales-purchase agreement executed on September 15th 2016, under which Merko bustas was to sell upon completion the Ibis hotel building and parking premises to be built at Ceikinių g. 3, Vilnius.
With this amendment, the final sale-purchase agreement will now be finalised by July 16th 2018. The conclusion of the final agreement has been put back due to the additional work agreed between the parties on the project, which has also pushed the final sale price up by EUR 0.1 mln plus VAT. Together with the additional work, the total sale price for the hotel building and land amounts to EUR 8.7 mln plus VAT. Other conditions of the transaction remain unchanged.

The Ibis hotel will form part of Merko Statyba’s Rinktinės Urban residential development, at the junction of Rinktinės and Ceikinių.

The development comprises three 5–8-storey residential buildings, a hotel and a two-storey underground car park connecting the entire complex. The Ibis hotel should be completed this summer, with the residential buildings to follow in the second half of the year.

Rinktinės Urban will comprise 120 apartments of between 30 sqm and 125 sqm as well as more than 1,000 sqm of commercial space on the ground floor. The apartments will come with balconies, or terraces on the first floor, while the top floor ones are to have roof terraces. Each apartment in the energy class ‘A’ building will be equipped with air-recuperation system, which provides fresh air and inconspicuous air distribution in all rooms. Storage places and 181 parking places will be located in the two-storey underground car park.

Rinktinės Urban is located near the former city stadium, a short walking distance from the historic centre of Vilnius.

Merko Būstas is the investor behind the 22,907 sqm project, while Tadas Balčiūnas and Dainius Čepurna are responsible for the architectural design.


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