Sorainen advised Finnish fund YCE Housing I, managed by Vicus Capital Advisors Limited, on investment in Stage I of the ‘Raitininkų sodai’ residential construction project in Vilnius.
The project, developed by Lithuanian construction company YIT Kausta, involves construction of a complex of 210 modern apartments in a strategically attractive area in Vilnius close to the River Neris. The work is scheduled to be implemented in two stages. Stage I, to be launched soon, will comprise a complex of over 100 apartments. The ground floor is planned to house commercial premises for firms servicing Raitininkų sodas residents. The first residents are expected to move into their new apartments in early 2019.
Vicus Capital Advisors Limited has extensive experience of real estate investment and development in Eastern Europe and Russia. YCE Housing I invests in residential development in the Baltic States and CEE countries. The equity of the fund is approx EUR 37 million and its investors include YIT (40%), Etera Mutual Pension Insurance Company (30%) and a group of Finnish private investment companies.
Sorainen advised the client on structuring the investment, negotiating and drafting joint venture, design and construction contracts, as well as land purchase and brokerage agreements. Sorainen continues advising the client on the project implementation phase.