Ellex Valiunas has assisted Baltic Sea Properties in obtaining a EUR 23.4 million refinancing loan from the Luminor bank to refinance 23 stores in Lithuania leased by the Norfa retail chain and logistics center.
Based on the signed agreement, Luminor will refinance the financial liabilities of Baltic Sea Properties held in another bank in Lithuania and will provide financing for other business needs. Baltic Sea Properties' portfolio consists of 101,000 square meters of commercial premises and is listed on Merkur Market of the Oslo Stock Exchange.
Earlier this year Ellex Valiunas advised Baltic Sea Properties on its 12-year lease of a 6500 square meter space in a logistics terminal to be built in Lithuania by the Oribalt Group (as reported by CEE Legal Matters on March 22, 2019).
The Ellex team was led by Associate Partner Julija Nikitaraviciene.