5 University buildings in Kaunas centre will be sold in the public auction in the end of October

Important | 2018-10-09

Lithuanian Government has permitted Kaunas University of Technology (KTU) to sell 5 more unused real estate objects in Kaunas city centre. The buildings, which belong to the State and are being held in trust by the University, will be sold in public auctions, which will take place on October 29 from 10 am till 4 pm. The funds will be invested into improving study infrastructure.

In July 2018, the Government has issued a decree authorising the 3rd stage of the Investment Project and to sell 5 more real estate objects. The floor area takes up approximately 13 thousand square meters, and the estimated value of the assets is 3.84 million euros. The funds will be used for significant improvements of study infrastructure, thus creating first-rate conditions for attracting and retaining talented students and teachers.

In the public auction, which will take place on Monday, October 29 the following real estate objects located in Kaunas centre will be sold:

  • 10 am – former dormitory (Mickevičius Street 39, floor area 703.92 m2). Initial price 163,000 EUR
  • 11 am – former building of the Faculty of Humanities (Gediminas Street 43, floor area 1,477.32 m2). Initial price 468,000 EUR
  • 1 pm – former building of School of Economics and Business (Laisvė Avenue 55, floor area 2,669.68 m2). Initial price 898,000 EUR
  • 2 pm – former building of the School of Economics and Business (Kęstutis Street 8, floor area 1,812.12 m2). Initial price 576,000 EUR
  • 3 pm – former building of the Faculty of Mechanical Engineering and Design (Kęstutis Street 27, floor area 7,033.18 m2). Initial price 1,736 000 EUR

University will invest to infrastructure to serve students better

“We are happy to have been granted the permission from the Government to sell these assets. Aiming to rationally use the funds we will be investing into improving of the University’s infrastructure, to make it even better answering the needs of the students”, says Vilius Sekevičius, KTU Director of Infrastructure.

By renovating old premises, multifunctional learning area with a library and a computer class will be established in the KTU Campus, active learning classes and spaces in 8 faculties, Design Thinking and open group learning zones in 6 faculties and open-access technology areas for team work in 3 faculties will be created.

“When we first announced about the public auctions to sell the unused KTU buildings in the city centre in August, we received substantial attention and a lot of enquiries from very different subjects. The interest is growing”, says Sekevičius.

He is hoping that the new owners will be able to invest enough funds to renovate these real estate objects according to the heritage protection requirements, thus making Kaunas city more beautiful and open to the needs of the public.

KTU is the first higher education institution in Lithuania to sell unused buildings in a public auction and to invest the funds gained into improvement of infrastructure. This opportunity emerged on 27 August 2014, when Lithuanian Government issued the decree authorising the trial project allowing to sell real estate objects owned by the State and entrusted to the University and in such a way to invest unused buildings into increasing the University’s financial assets.

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