Adon Legal has advised Lithuanian real estate developer Galio Group on receiving financing from Latvia's SEB Banka to complete the development of the Riga-based Gustavs Business Center.
According to Adon Legal, “the bank extended a loan in excess of EUR 15 million, which the Galio Group will use for the final stage of development of the Riga-based Gustavs Business Center. The Gustavs Business Center is the first project to be launched in Riga by the Galio Group. The first building of the Gustavs Business Center will be a tailor-made office for the SEB Global Services center in Riga. The project will transform the industrial district into a 41,000 square-meter BREEAM New Construction Excellent office space.”
According to the firm, the new financing transaction is an extension of a project started in 2021, when SEB Global Services agreed to rent one of three office buildings in the Gustavs Business Park to be developed by the Galio Group.
Last year, Adon Legal also advised the Galio Group on a EUR 26 million loan from Citadele Bank in relation to an office complex project in Vilnius (as reported by CEE Legal Matters on February 4, 2022).
Adon Legal’s team was led by Partner Marius Matiukas.