Vilnius - Pfeifer Development, a German construction firm, has dropped its ambitious investment plan in a 200 million litas (58 million euro). The shopping and entertainment complex, Mega, is currently under construction not far from Kaunas.
"It's difficult to say why the Germans have decided to invest less and to reduce their share in the project," Saulius Merkys, acting CEO of the real estate developing company Baltic Shopping Centers, told the Baltic News Service.
"I think that they are probably short of financial resources after the completion of BSC's first project, the shipping center Banginis in Vilnius," he said.
The German company made an additional investment of just 4.9 million litas in the Mega project in late 2004, while SSPC, another partner, invested 52.1 million litas.
The new shopping and entertainment complex is scheduled to open its doors in late November this year.
