The European Commission has approved changes to the concession contract for the construction of a multi-purpose complex with a national stadium in Vilnius, which provides for state aid for the project.
“The coronavirus pandemic and Russia’s war of aggression against Ukraine have significantly increased the construction cost of the project, making it financially unviable without additional support to partly cover the increased cost. The aid will also cover works in the stadium and sports facilities of the complex that were not initially planned but are necessary for the project to better serve its purpose,” the EC said.
The Commission found that the additional aid is necessary and appropriate to develop sport and cultural economic activities contributing to the economic development of the Vilnius area.
Vilnius Mayor Valdas Benkunskas says that the EC approval allows construction to resume.
In August 2024, the Vilnius City Council approved changes to the complex’s concession agreement: the project would cost the municipality and the central government 155 million euros after changes to the risk-sharing.
Hanner, a real estate development company, is to take over the project. Its owner, Arvydas Avulis, has said that the shares of Venetus Capital, the main shareholder of Vilniaus Daugiafunksis Kompleksas (Vilniaus Multifunctional Complex), the stadium’s concessionaire, would only be bought back from BaltCap once the findings of the Public Procurement Office have been resolved and the changes to the project contract have been approved by the European Commission.
The 155 million euro state aid for the construction of the complex was approved by the EC back in March 2022, but the new approval was needed after the project’s concession contract was updated last year, indexing the project’s price and expanding it slightly.
The multifunctional complex with a national football stadium will have 15 facilities, including an 18,000-seat stadium, an arena, a conference centre, a museum, a kindergarten and other facilities.
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