The State-owned immovable property may be renewed when it fails to meet the State-owned property manager’s requirements in performing the appointed State functions.
The renewal process of the State-owned immovable property includes reconstruction of the already existing State-owned property or acquisition of new immovable property (by purchasing, constructing, etc.). The latter option is chosen when reconstruction of the available property is inexpedient.
The renewal process of the State-owned immovable property is regulated by the Republic of Lithuania Law on the Management, Use and Disposal of State and Municipal Property and other secondary legislation.
The role of the Ministry of Finance in the renewal process of the State-owned immovable property is the formation and implementation of the State policy in this area. The administration and coordination of the State-owned immovable property renewal process is carried out by the State enterprise Turto bankas (Administrator of the State–owned immovable property renewal process).
For additional information please refer to:
Other informacion: State enterprise Turto bankas