Lithuania: New developer takes over national stadium project in Vilnius

Lithuanian real estate developer Hanner will take over the project to build a new national stadium in Vilnius, the city’s mayor, Valdas Benkunskas, announced, BNS reports. Vilniaus Daugiafunkcis Kompleksas, the original concessionaire on the project, is managed by private equity fund management company BaltCap, which is mired in a major embezzlement scandal. Under the new contract, Hanner will expand the stadium’s capacity from 15,000 to 18,000 seats, making it the biggest venue in the Baltic States. Arvydas Avulis, CEO of Hanner, said that the stadium would open in 2026, a year later than originally planned. BaltCap halted construction works on the project in late 2023 due to costs that turned out to be higher than planned. BaltCap insisted that the embezzlement scandal had no impact on the stadium project, however.