Tark Grunte Sutkiene has advised Estonian company 1Home Group AS on its acquisition and takeover of management of a student hotel in Riga and its obtaining of EUR 8.4 million financing from AS DNB Banka for the expansion of its business of providing rental housing for students in the Baltics and Poland.
"The number of foreign students in Estonia has skyrocketed in recent years, people come to study here for 3-5 years. However, many of them are unable to find a good dwelling during that time," Kroot Kilvet, Chief of Corporate Banking at DNB Estonia, said, adding that she hoped the planned expansion would provide fresh momentum to the dwelling rental market in the Baltic countries.
The Tark Grunte Sutkiene team was led by Partner Andra Rubene, supported by Associates Raivis Znotins, Gundars Madelis, and Rudolfs Vilsons.
According to Tark Grunte Sutkiene, the sellers were advised by “a number of various local legal counsels,” and DNB Banka relied on its in-house legal team on the financing.