Sorainen Lithuania advised DNB Bank ASA (Norway), the largest financial services group in Norway, on the grant of a loan to Norwegian real estate development group Schage for development of the Quadrum business centre in Vilnius. Quadrum is the first business centre in Lithuania designed and built according to the Building Research Establishment Environmental Assessment Method (BREEAM).
The new business centre is like no other in Lithuania in terms of structure and size. The centre comprises three buildings, which together with other spaces covers a total area of 70,000 m2. It contains both business premises and a recreational zone in the form of a green yard open to Vilnius residents and visitors, an underground parking facility with 700 spaces, as well as separate cultural and service areas. The total disclosed value of Schage’s investment in the project is EUR 100 million.
Sorainen advised the financing institution on issues of Lithuanian law and compliance of the financing documents. Sorainen also advised on defining the structure of the security portfolio and preparing related documentation as well as in negotiations with the client.
The client was advised by partner Tomas Kontautas, specialist counsel Augustas Klezys and associate Lina Ragainytė.