VILNIUS, Lithuania -- SEB Bank provided funding to company K29 UAB of Lords LB Baltic Fund II, which began construction of a modern business centre on Konstitucijos Alley in Vilnius. A long-term 20 million euro credit was allocated for construction of the A class office building and organisation of the surrounding environment. It is expected that this project will be completed at the end of 2014.
“Lately we notice interest of investors in the real estate market. Vilnius offers especially advantageous conditions for implementation of commercial projects. We think that a top class office building corresponding to the principles of sustainable development will be of demand, therefore we provided the required funding”, said the Deputy President of SEB Bank and Director of Corporate Banking Division Aivaras Čičelis.
According to K29 UAB company director Domas Kačinskas, they are excited that SEB Bank became a financial partner in this project with exceptional quality and solutions. k29 is an important project for the reviving right shore of the River Neris, which is turning into the modern business centre of Vilnius. Communication and other infrastructure here are well-developed and there is a sufficient concentration of companies and state institutions. The building will be provided with plenty of automobile parking spaces and a green area. All this is important for the companies looking for a new office,” said D. Kačinskas.
The area of the office building, which will open its doors in the coming year, is 14250 square meters. It is expected to arrange more than 1800 working places in it. The business centre will be surrounded by a two hectares green area and provided with 560 parking spaces. The building and its surrounding area are designed to meet the highest requirements of a modern and sustainable building.
The real estate investment fund Lords LB Baltic Fund II in charge of implementation of this project is planning to invest 30 million euro in total into the k29 business centre and surrounding public areas.
About Lords LB Baltic Fund II
Lords LB Baltic Fund II is a real estate fund managed by Lords LB Asset Management UAB. The company Lords LB Asset Management established in 2008 offers its services to institutional and private investors and specialises in investments in the fields of real estate and private capital. At the moment the company manages five real estate and two private equity funds. The operations of Lords LB Asset Management are certified and monitored by the Bank of Lithuania. Depository functions are performed by SEB Bankas AB and Swedbank AB. The management company and all managed funds are audited by PricewaterhouseCoopers UAB.
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