Maxima LT subsidiary UAB Jamdena acquired Vilnius property for 5.53 million euros
The subsidiary of retail chain Maxima in Lithuania, UAB Jamdena, acquired a nearly 1,200-square-meter administrative building and a 0.62-hectare land plot at Buivydiškių g. 20 in the Šeškinė district of Vilnius for nearly 5.53 million euros. The final auction price more than doubled from the initial asking price of 2.25 million euros after 23 participants competed for the property.
How the Auction Price Surged Past Initial Estimates
State-owned Turto Bankas administered the auction, closing the transaction at the end of September. The property drew intense competition from 23 separate bidders, driving the final sale price to 2.5 times the starting amount of 2.25 million euros. Indrė Kajokienė, director of the Commerce Department at Turto Bankas, noted that the plot stood out because it featured a large land parcel in an intensively used urban area with broad development capabilities, an asset becoming increasingly rare in Vilnius. The single-story building previously housed the Vilnius County Chief Police Commissariat until it was transferred to Turto Bankas at the end of 2025.
Future Development Plans for the Šeškinė Site
Maxima LT plans to evaluate whether to build a commercial facility or a residential housing project on the newly acquired land. Vilius Rimkus, director of the Asset Management Department at Maxima LT, stated that the company purchased the real estate strictly for its convenient location and accessibility. Rimkus explained that the property lends itself well to both commercial and residential purposes, and the company will select the option that best serves local residents and visitors. Detailed plans regarding the specific format and the total investment amount will be announced at a later date.
Impact on State Real Estate Portfolios and Municipal Zoning
The proceeds generated from the multi-million-euro sale will directly support the renewal and modernization of state-owned real estate portfolios. Kajokienė explained that realizing this surplus property provides funds that flow back into government asset management. Under the Vilnius municipal general plan, the land parcel at Buivydiškių g. 20 falls within a high-density development zone. Municipal zoning regulations for this area explicitly permit the construction of multi-apartment residential buildings, dormitories, commercial properties, and public-use facilities, giving the buyer wide latitude for future architectural and urban planning decisions.
