Sorainen has advised the Finnish fund YCE Housing I, managed by Vicus Capital Advisors Limited, on its investment in Stage I of the Raitininku Sodai residential construction project in Vilnius.
According to Sorainen, 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 Raitininku Sodas residents. The first residents are expected to move into their new apartments in early 2019."
Vicus Capital Advisors Limited invests and develops real estate in Eastern Europe and Russia, while YCE Housing I invests in residential development in the Baltic States and CEE countries. The equity of the fund is approximately 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 YCE Housing I on structuring the investment, on negotiating and drafting the joint venture design and construction contracts, and on land purchase and brokerage agreements. Sorainen is continuing to advise the fund on the project implementation phase. The firm's team consists of Partner Kestutis Adamonis and Associate Mantas Kuslys.
