State institutions regularly review the real estate they manage and transfer objects that are no longer needed for their functions to the Property Bank. This reduces the portfolio of real estate used by the state, eliminates unnecessary maintenance costs, and allows the property to be used more efficiently.
Unneeded institutional property, after assessing its usage possibilities, is often offered to the market through public auctions, and the funds received from the sold property contribute to the projects implemented by the Property Bank.
In terms of the number of relinquished objects, the State Forest Enterprise stood out significantly this year. It relinquished 147 real estate objects with a total area of almost 6.95 thousand sq. m. This accounts for more than two-thirds of all objects transferred to the Property Bank by institutions this year.
The Lithuanian Non-formal Education Agency also stood out with a large area of transferred property. It transferred one, but large – more than 5.4 thousand sq. m – real estate object to the Property Bank.
Among the managers who relinquished the most property was also “LTG Infra”. The company transferred 23 objects with a total area of more than 4 thousand sq. m. In terms of the number of transferred objects, this is the second largest result this year.
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The Minor Lithuania Protected Areas Directorate relinquished more than 2.8 thousand sq. m of real estate, transferring six objects to the Property Bank. The Ministry of Agriculture transferred four objects with a total area of more than 2.3 thousand sq. m.
The Property Bank first evaluates the objects relinquished by state institutions – deciding whether they may be needed for other state functions or whether it is more rational to sell such property on the market. Objects not needed for state functions and suitable for the market are sold at public auctions.
In this way, unused buildings and premises are returned to the market, and the state avoids further maintenance and upkeep costs. At the same time, the funds collected from the sold real estate at auctions contribute to the projects implemented by the Property Bank – administrative property renewal, more efficient arrangement of state institutions, and the creation of modern workspaces.
Over the 8 months of this year, a total of 374 real estate objects were sold at the Property Bank auctions for 19.85 million EUR.
