There is a pause in the negotiations regarding the transfer of the National Stadium project to Hanner – MadeinVilnius.lt

Negotiations between BaltCap and Hanner regarding the transfer of the National Stadium project are currently suspended. As Dovilė Armalytė, the lawyer of TGS Baltic representing BaltCap, said for the time being, it has been decided to wait for the conclusions of the Public Procurement Service (VPT) and the European Commission (EC) regarding the project, as these factors may influence the transfer process itself.

“There is currently a pause in the negotiations – we are waiting for the conclusions of the VPN and the opinion of the European Commission. These factors can tilt the process in one direction or another, so it is natural that until there are no answers, no decisions will be made,” explained D. Armalytė.

ELTA reminds that at the end of February, the Vilnius City Municipal Council approved the changes foreseen in the multifunctional project of the capital. A universal arena suitable for cultural and sports events should appear in the complex, the number of seats at the National Stadium should increase, and the value of the contract will increase to 157.2 million after indexation. euros.

Before resuming construction, the municipality will still need to receive positive conclusions from the VPN and EC.

The real estate development company Hanner intends to take over the project of the national stadium in Vilnius from the capital fund manager BaltCap. According to the mayor of the capital Valdas Benkunskas, the actual cost of construction alone from 2020 beginning until 2022 increased by 40 percent.

According to Vilnius Mayor Valdas Benkunskas, after indexing, the National Stadium with the entire multifunctional complex should cost approximately 1.2 million. euros more than previously planned, ie 157.2 million. euros. It is estimated that construction works became more expensive by 27.1 million. euros, new works would also contribute (3 thousand additional seats in the stadium and a universal arena), ie 13 million. euros. However, it is stated that 38.1 million euros could be saved by borrowing for only 2 years, instead of 22 years, as previously planned.

BaltCap is currently facing reputational problems after it was revealed that former fund partner Šarūnas Stepukonis may have embezzled about 40 million. euros and lose at least part of it in the casino.

The owner of “Hanner”, Arvydas Avulis, indicates that the construction of the stadium could be completed by the end of 2026.

The entire multifunctional complex includes the National Stadium with a sports museum inside, a sports center with basketball, handball, gymnastics, and boxing halls, three football training fields, an international category athletics stadium with a football field, an athletics warm-up area with throwing sectors, a cultural center with a library and Kindergarten with 300 places.

Ignas Dobrovolskas (ELTA)