Turning ideas into action

Real estate is typically viewed as a business hemmed in by four walls and a roof, but Viktorija Radzeviciene, Ogmios Group’s investment director, has risen to the top of this industry by keeping to an out-of-the-box, free-thinking attitude. Ignoring warnings by those around her early in her career, she set out to study English at university and has built, brick-by-brick, a successful path in the building trade. Ogmios Group is one of the leading real estate developers in Lithuania, focusing on commercial real estate. The company owns or manages more than 500,000 m2 of commercial property. The Baltic Times sat down with Ms. Radzeviciene to talk about the keys to the company’s, and her own excellence.


Ogmios is one of the largest real estate players in the Lithuanian market. Given your position as Investment Director of the company, what do you believe has contributed to your own success?  

Apart from the continual support my parents gave to me as I grew up, I believe that it all started with my coincidental decision to study English at university. Ironically at the time, I was warned against studying it by my peers, as they believed it held no serious value in the Soviet Union. However, after Lithuanian independence, I was able to start working at the British Council - a post that was not open to the majority of the population due to their lack of English language skills - and then went on to attain my MBA in business management from the City University of London. The extra energy, values and self-realization I always had throughout my life are also no doubt a significant factor. Throughout my life, I have always had a baseline interest in other subjects apart from my dedicated career path. These include ballroom dancing, philosophy and the studies of the Eastern religions. My philosophy and its values have been especially integral to my success. When the added value of human existence, and not just mathematical figures, are applied to any real estate project, the chances of success are many times greater, especially in a country such as this, where the shareholder is so much closer to the end user.  

What do you believe to be the proudest moment in your career?  

As I grew up in the Soviet Union and was taught the socialist way of thinking from a very young age, the transition that I was able to achieve, of going from a cog within the Communist system to an independent, free thinking, successful business woman is no doubt something I like about myself. It is a significant change I went through

What would you say is your proudest business achievement?

There have been many and it is what drives me. Lately, there have been two quite significant projects. The first would be the Parkas Outlet project in Vilnius. It was opened in April 2010, while the project was started at the end of ’09, when the financial crisis was at its worst and nobody was confident in any new development. I am, however, immensely proud of the leap I took and the confidence that the company’s shareholders showed in me, as it was the first of its type in the region. The outlet has generated exceptional capital returns and a queue of tenants requesting retail space in the property. Incidentally, an Estonian development company is now using it as an advantageous example to apply a similar project in their country. My second proudest achievement would be bringing Domus Galerija back to life. While I had been serving as an advisor to the center for the previous two years, I was handed a more influential role midway through 2010, when the center had the predicament of a 35 percent vacancy rate and was burdened with debt. By November, it was fully occupied and the rental price had increased along with the assets’ turnover.  

What would you believe to be the greatest business mistake in your career so far?  

In all honesty, I cannot say that I have ever had any significant mistakes in my career. However, the ones that have taken place have been important lessons to me. The most sizeable one that springs to mind would be when I was 26 and had embarked upon a private residential development project. Due to lack of experience I only managed to break even on the project, after two years of work; the main reason for this was my lack of experience at the time. Like all mistakes however, I am grateful for it, as it has taught me valuable lessons and did not hinder me in the future.  

What do you believe to be the main success factors within your business operations?  

It is certainly undeniable that one must believe completely in what one is implementing, as without your own self-confidence of success, it will be impossible. Coupled with this, a desire for continuous self-improvement is essential. When it comes to the ideas themselves, it is important to have a desire to create a project that nobody has ever done before; just like in any business, one must always find a niche and exploit it and ensure that such ideas are turned into actions and results. My past successes are always a great motivator to me when it comes to the desire of creating new ones.  

How did you come to start working in the real estate industry in the first place?  

I would say that everything I have done in my career so far has contributed to where I am now. This started with studying for my first degree, which was the English language. I then went on to study at London City University where I attained by MBA in business management. Upon my return to Lithuania, I worked with the management consultancy company Abisala & Partners for one year. However, it was only when I started working as an advisor to the prime minister in the field of reforms that I met Robertas Dargis, from Eika [the real estate development company]. Once we finished our careers in government, he invited me to work for Eika. So I became involved in the industry. I believe that meeting Mr. Dargis was a case of two professionals inspired to work on a different career path. I admire Mr. Dargis immensely for his vision, work and desire for success.  

What personal qualities do you admire most in your employees?  

The main qualities that come to mind would be an analytical mind, excellent planning skills and the confidence of self-expression. The final factor I believe to be particularly important is that the craziest idea put forward could sometimes be the best idea for a project. I am very protective of my team and love to inspire them. It is also my aim to combine a disciplined maternal/paternal management role when it comes to our operations. However, I cannot abide laziness or negativity. When it comes to negativity, my employees, for example, do not look at how not to carry out a project, but how to carry it out. I am proud to say that there are only optimistic members among my team, as positive thinking no doubt creates positive situations. 

What’s next for Ogmios?  

Ogmios has mountains of potential and a considerable number of properties that can be easily turned into successful projects. We currently have over 500,000 m2 of property in our portfolio, so at this point we are looking to consolidate and improve on what we already have. Of course, there are many projects we would like to acquire, however, given the size of our portfolio and the current economic climate, I do not believe there is a demand for more.  

How do you see the real estate market recovering?  

The real estate industry is and always will be an integral chain within the production of anything, as a roof and four walls will always be required. The recovery of the market itself, though, will depend entirely on the recovery of the Lithuanian market as a whole. Within any financial crisis the real estate industry is always one of the first ‘dominoes’  to fall, and will only recover once lending will return to the region. This, however, will only take place when there is a positive outlook within the global markets. However, this positivity is controversial, especially given the situation in the Arab states today, as the world’s cash flow is so highly interconnected and, unfortunately, given the size of Lithuania, the country is so easily affected by such crises. It is my belief that the Lithuanian economy has limited capabilities in which to stimulate itself; if it is to do so, it must identify goals and stick to them, something that is unfortunately not taking place at the moment. If the government were to give a particular direction to businesses and people, then this insecurity that is hindering us at the moment would be eliminated. It is a shame to say, but this ‘too little to late’ action that is taking place at the moment is a sad reflection upon the Lithuanian mentality.

Given your position, you undoubtedly work very hard; what do you like to do to relax?  

I very much enjoy playing tennis, either at the SEB Arena or, weather permitting, Sereikiskiu Parkas. Other sports that I regularly partake in include skiing and the various activities offered by sports clubs. My husband is also very active; we love to exercise together, which is a great motivation to each other. I am definitely the type of person who needs physical activity in order to relax. It is of no question to me that this contributes greatly to my success in business. Another type of relaxation I particularly enjoy is traveling, especially long weekends in London. There are two restaurants there that I particularly enjoy, one in Queensway and the other close to Westminster. The first establishment serves Chinese cuisine and the latter offers Indian.  

How would you say your work/position affects your personal life?  

I would like to say it doesn’t, but unfortunately it does, an awful lot, because, of course, with such a prestigious post comes extensive responsibility. In fact, I haven’t taken a holiday for over a year! At this point, however, I am attempting to make my team more self-sufficient in order to convert my role into a more strategic one. To be able to spend more time with my family would be wonderful.  

I assume you have children?  

Yes, I have a 21-year old daughter, who is currently studying at the Dublin Institute of Technologies and also a five-year old daughter who is attending the American School of Vilnius.

What would you recommend for people who want to enter the real estate industry?  

Real estate is just like any other industry. If you have the right qualities, especially project management and investment understanding, then it is possible to go far. The advantage of being involved in this is the fact that it is possible to actually physically see the fruits of your labor. I would recommend that any potential candidate start out by studying economics or management and then go on to join an investment fund, a development company or [real estate] agency.  

At this point in time, many young people are leaving Lithuania for other shores; would you perceive this to be a problem?  

It’s good for the young people who are choosing to emigrate, but bad for the country’s economy as a whole. On a positive note, however, such traveling is undoubtedly advantageous for the Lithuanian population’s collective knowledge. If the country is to entice them back, the government must ensure that they have a strong direction and create opportunities for young people to earn a living; this will create an attractive proposition for people to return, as emigration is not the worst situation for the country. It is when such people emigrate and never come back that is truly disastrous. I also believe that the same applies with immigration. Lithuania is not in any way attracting immigrants, which would hugely benefit the country’s economy. We as a people are too conservative and have an unrealistic fear of losing the country’s identity. Such immigrants would, in my opinion, add energy and drive to the country, something that is currently lacking here, as being such a locked up society is not benefiting us in any way. From a business point of view, Lithuania can be seen as a product. As it currently has no brand, [business] must ensure they make the necessary decisions as to branding and market themselves correctly.