Sorainen Lithuania has advised DNB Bank ASA, the largest financial services group in Norway, on the grant of a loan to Norwegian real estate development group Schage for the development of the Quadrum business center in Vilnius. According to Sorainen, "the total disclosed value of Schage’s investment in the project is EUR 100 million."
Quadrum is the first business center in Lithuania designed and built according to the Building Research Establishment Environmental Assessment Method. Sorainen reports that, "the new business center is like no other in Lithuania in terms of structure and size," as it "comprises three buildings, which together with other spaces covers a total area of 70,000 square meters" and "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."
Sorainen advised DNB Bank ASA on issues of Lithuanian law and with regard to the financing documents. The firm also advised on defining the structure of the security portfolio and preparing related documentation as well as in negotiations.
The Sorainen team was led by Partner Tomas Kontautas, supported by Specialist Counsel Augustas Klezys and Associate Lina Ragainyte.
Sorainen did not reply to our inquiry about counsel for Schage on the deal.
