Finnish construction company YIT has partnered with Lithuanian company JSC Limada for the €47m ($50.8m) renovation of the Mada shopping centre in Vilnius, Lithuania, with the signing of a tender-based contract.
The project encompasses roughly 43,000m², including the refurbishment of the existing building and the addition of a new parking area.
Post-renovation, the centre aims to achieve an energy class A rating.
The planning and design phase is scheduled to commence immediately, with construction beginning in September 2025. The anticipated completion date for this renovation is August 2027.
The contract is set to be registered in YIT’s order book for the second quarter of this year.
YIT, a company engaging in residential, public, commercial, and infrastructure construction, operates with a workforce of approximately 4,100 professionals across eight countries: Finland, Sweden, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia, and Poland.
Last month, the company entered into an agreement with HUS Kiinteistöt to begin the construction phase of the Salvia building within the Meilahti hospital area in Helsinki, Finland.
Meanwhile, a month earlier, YIT obtained a planning reservation from the Business and Competitiveness Subcommittee of the Espoo City Board in Finland.
This reservation is a step towards the development of an area north of the Leppävaara centre.
