NØRDIKA Shopping Valley in Lithuania will attract buyers from neighboring countries

Construction of NØRDIKA Shopping Valley between Vilnius International Airport and the city southern bypass has begun on the same plot with the Swedish furniture superstore IKEA. The almost 50 million EUR project is under development in two phases. The first visitors will be welcomed after completion of the first phase in Q3 2015. The total area will be 40.000 square meters. Investors expect that this fast developing city area will become a new attraction point both for Lithuanians and buyers from neighboring countries.

NØRDIKA Shopping Valley will have more than 50 local and international retailers as well as restaurants and other service providers. Senukai, the Lithuanian home improvement and construction products retail chain, Rimi Hypermarket, electronics retailer Elektromarkt, and Kotryna, the largest retailer of children goods and toys in Lithuania operating their shops Baby City and Toy City, will be among the largest tenants. NØRDIKA shopping valley will have a number of shops which will open for the very first time in Lithuania.

“NØRDIKA Shopping Valley is destined not just for Vilnius residents, but it will be a destination for families from other parts of Lithuania as well as neighboring countries. Foreign visitors will make up quite a significant share of buyers. I am delighted that local residents will have a great possibility to satisfy their household needs in one place.  NØRDIKA also will be strong additional reason for people to visit Vilnius,” said Peter Gage Morris, NØRDIKA Shopping Valley’s main investor.

NØRDIKA Shopping Valley is located on Viking Street which connects the Vilnius southern bypass to IKEA, on the same 200.000 square meter territory with parking and recreational areas. The new parking area is large enough to accommodate 1.244 cars and buses. The building and construction process is divided into two phases. The first phase includes the construction of 18 000 square meters trade area, to be opened in Autumn 2015. The second phase will open in 2016, with an additional 22.000 square meters. The total area of NØRDIKA Shopping Valley will total almost 40.000 square meters, and overall with IKEA it will have approximately 65.000 square meters, offering the greatest assortment of home and family goods in the region.

According to Barry Nabuurs, the deputy director of the project developer VPH, NØRDIKA Shopping Valley will offer ample parking and easy access for a wide selection of goods of well-known brands in a customer-friendly and convenient atmosphere. „We have put together an experienced international team of architects, engineers and construction professionals who will build a shopping centre where nature and business will co-exist in harmony,” said Mr. Nabuurs.

Mantas Miseliūnas, partner of “Koba Living”, real estate consultant of NØRDIKA Shopping Valley, said that the IKEA opening in this area has encouraged other retailers to set up in adjacent territory. This project will also have great impact on further development of Vilnius city area near the international airport. “From what was previously just a desert of Soviet metal garages, this huge part of Vilnius is growing quickly into a well developed commercial area,“ said Mr. Miseliūnas.

The owner of NØRDIKA Shopping Valley is UAB Prekybos Parkas, owned by the Estonian real estate investment company Nantucket Holdings. Mr. Morris, the main shareholder of Nantucket Holdings, has already developed a number of real estate projects throughout the Baltics.

The developer of the project is UAB VPH, and the general contractor is the Finnish owned UAB YIT Kausta. The building and surrounding landscape was designed by the Lithuanian company Unitectus, in conjunction with the international architecture firm Chapman Taylor. The construction loan is provided by Swedbank.

About UAB Prekybos Parkas

Prekybos Parkas, the Lithuanian owner of NØRDIKA Shopping Valley, is 84 percent owned by the Estonian real estate investment company Nantucket Holdings, owned by Peter Gage Morris. The remaining 16 percent is owned by Ziempre Investments Ltd, a real estate holding company related to the developer UAB VPH, which has almost 150 million Euros of commercial/retail projects under development in Lithuania, Latvia and Belarus as well as more than 150 million Euros of real estate assets under management for third parties.

Ziempre Investments Ltd is represented on the board of NØRDIKA prekybos slėnis by James Torpey and Barry Nabuurs.

Mr. Morris served as CEO of Ober-Haus Real Estate Advisors from 1994 to 2007. He leased more than 250.000 square meters of shopping centre space in the Baltic countries and Poland. Mr. Morris through his real estate holding companies has acquired and developed more than 80 million Euros in value of real estate in Estonia, Lithuania and Portugal. The largest project owned by the group is the shopping centre Sikupilli Tallinn, valued at approximately 30 million EUR.

Nerijus Juodelis, the former Commercial Director of the Ober-Haus Real Estate Advisors, represents Nantucket Holdings on the board of the Prekybos Parkas.