YIT Lietuva and EfTEN Capital continue joint development of Piliamiestis

The new stage will include a total of 59 two- to four-room apartments. "Šviesa" House will comprise 24 apartments and 3 commercial premises, while "Aušra" House will include 35 apartments.

“The partner’s consistent decision to continue developing the project together with us demonstrates confidence not only in the project, but also in our ability to create long-term value. By developing the entire territory in a consistent manner, we can ensure a cohesive architectural vision, a high-quality living environment and the long-term attractiveness of the project for both residents and investors,” says Kęstutis Vanagas, CEO of "YIT Lietuva".

Successful Progress of the First Stage Encouraged Continued Investment

The partnership between "YIT Lietuva" and "EfTEN Capital" began this spring with the signing of a joint activity agreement for the development of the Piliamiestis territory at 20 Brastos Street in three stages.

In the first stage of the project, "Spindulys" and "Rytmetys" houses are currently under construction, with 73 apartments and 13 commercial premises planned. Luminor Bank has provided a loan of EUR 13.6 million for the construction of these two apartment buildings, supporting the further development of the quarter.

“Piliamiestis" is one of the largest residential housing projects in Kaunas. Projects of this scale require experience and in-depth knowledge from the developer, but they also change the face of the entire city and create a new ecosystem whose integration into life in Kaunas is progressing rather smoothly. These are important factors that we consider when making financing decisions,” said Vytis Žegužauskas, Head of Business Banking at "Luminor".

The construction of the first buildings is planned to be completed only in the first quarter of 2027, the project is attracting strong buyer interest. In "Spindulys" house, 79% of all apartments have already been sold, with only five apartments remaining available, while 34% of apartments in "Rytmetys" house have been sold.

“We see that buyers are choosing not only a specific home, but the entire living environment. Today, "Piliamiestis" is already an established quarter with developed infrastructure, a clear architectural direction and a growing community,” says K. Vanagas.

Two More Buildings to Expand the Quarter

In the second stage, "Šviesa" and "Aušra" houses, developed in cooperation with "EfTEN Capital", will continue the expansion of the quarter in the western part of Piliamiestis.

Under the partnership model, the works will continue to be carried out by "YIT Lietuva", a sustainable urban and infrastructure development company. The company will also be responsible for the proper fulfilment of all warranty-period obligations and will manage the real estate sales of the project. The financial partner "EfTEN Capital" will ensure project financing and contribute to the implementation of the project.

“The decision to invest in the development of "Piliamiestis" was driven by the fact that the project meets our evaluation criteria – an attractive location, the project concept, architectural solutions and a strong partnership with "YIT Lietuva". We are confident that this partnership will enable the project to be implemented consistently and create sustainable value for both the city and investors,” says Karolis Ražukas, Investment Director at "EfTEN Capital Lietuva".

The Project Remains One of the Most Popular in Kaunas

"Piliamiestis", developed on the right bank of the Neris River for more than a decade, is today one of the largest and best-known residential quarters in Kaunas. The project stands out for its contemporary architecture, green spaces, pedestrian and cycling paths, and a consistently developed living environment.

Buyer interest remains strong – in the first half of this year, 47 homes were sold in "Piliamiestis", making the project one of the most popular mid-range and premium-class residential developments in Kaunas.

The quality of the project is also confirmed by additional recognition – "Piliamiestis" buildings "Nemunėlis" and "Neris" were nominated among the best real estate developments in the Baltics in the Residential RE category. The project has also received the Lithuanian Real Estate Development Association award “For Sustainable Development” and has been recognised as the best residential project.