UAB Merko Bustas, part of the listed Estonian construction group Merko Ehitus, bought for 13 mln euros a real estate development area in Vilnius spanning 13 registered immovables, Merko told the stock exchange.
UAB Merko Bustas on Monday signed an agreement with UAB Vilniaus Aidai to acquire the real estate development area.
The development area is located near the city center of Vilnius, at 7 Manufacturu Street.
The 4.7-hectare development area has a valid detailed plan, which allows the construction of approximately 1,000 apartments. The construction will be carried out in several stages.
UAB Merko Bustas is a Lithuanian residential real estate development company.
AS Merko Ehitus group consists of the Estonian construction company AS Merko Ehitus Eesti, Latvian-market-oriented SIA Merks, UAB Merko Statyba operating on the Lithuanian market, and the Norwegian construction company Peritus Entreprenor AS.
Besides provision of construction service as a main contractor, the group’s other major area of activity is apartment development. As at the end of 2018, the group employed 764 people, and the group’s revenue for 2018 was 418 mln euros.