UAB "Kvartalas" Completes "Sąvaržėlė" Business Center Project
News related to:UAB “Kvartalas” · 2 min read
UAB "Kvartalas" has announced its interim financial statements for the six-month period ending June 30, 2026. The company, which specializes in real estate development and construction, has made significant progress on its flagship project, the business center "Sąvaržėlė," located at Konstitucijos ave. 14A in Vilnius.
The development, which covers over 19,000 square meters of aboveground gross building area, has reached 100% completion as of March 10, 2026. This milestone was officially registered in the Register of the Real Estate. The architectural concept for the building was selected in March 2022 through an international competition, and construction began in January 2024.
UAB "Kvartalas" has been financing the project through the issuance of bonds. By June 30, 2026, the company had issued bonds with a total nominal value of EUR 50 million to finance the development. The project has seen a total investment of EUR 78.3 million from its inception until the end of the six-month period.
In January 2026, the company distributed bonds worth EUR 9.391 million to fund the development of the business center "Sąvaržėlė." On May 14, 2026, a remote meeting of bondholders was held, where it was decided to increase the bond issue from EUR 50 million to EUR 60 million. By the end of the six-month period, the company had distributed additional bonds worth EUR 7 million, with the funds used to cover the remaining costs related to the project.
The occupancy rate of the business center "Sąvaržėlė" has steadily increased. Following the signing of a lease agreement with UAB "Omnisend" on May 18, 2026, the occupancy rate reached 67%. By August 25, 2026, the rate had further improved to 73% after the company signed a lease agreement with UAB "Paroc."
The company's financial health, as reflected in the LTC (Loan to Cost) ratio, stands at 63.19% as of June 30, 2026. This ratio indicates that the company has managed its financing effectively, with a significant portion of the project costs covered by bond issuance.
The business center is expected to play a crucial role in the city's commercial landscape, providing modern office space for businesses.