Maxima subsidiary buys Vilnius property for €5.53 million

A subsidiary of Lithuanian retailer Maxima LT has acquired a development site in Vilnius for almost €5.53 million following a competitive state property auction.

Jamdena bought the property in the Šeškinė district from state-owned property manager Turto bankas. The site covers more than 0.62 hectares and includes an administrative building.

The auction attracted 23 bidders. Bidding started at €2.25 million before climbing to nearly €5.53 million, more than twice the initial price.

The property can potentially be used for residential or commercial development. Maxima has not yet announced what it plans to build on the site or how much it could invest in a future project.

Jamdena is a subsidiary of Maxima LT, Lithuania’s largest grocery retailer.