Fort Legal has advised Eften Capital on its EUR 10 million investment in the construction of two nine-story multi-apartment buildings in Kaunas, together with the Etapas Group.
According to Fort, Eften will work alongside real estate developer Etapas Group to produce 96 installed and furnished apartments for families to rent on a long-term basis. The project includes the construction of buildings with a total area of 4,940 square meters. In addition, a parking lot with 92 parking spaces will be installed outside of the buildings.
"Family housing rental is the first Eften product in the Lithuanian residential market," commented Eften CEO Viljar Arakas. "We have seen that apartment sale prices have been growing fast and have noticed that availability of this type of housing to young families has been reducing. Therefore, we believe that the new product we are going to offer will soon fill the open niche and will satisfy the need of families to rent new, modern, quality, and turnkey furnished housing. We plan to purchase one more project in Vilnius based on the same principle of partnership."
The Fort team was led by Partner Ruta Radzeviciute-Meizeraite.