Cobalt has advised Taba Invest on the development project for a 3.3-hectare area on the left bank of the river Nemunas in Kaunas through a joint venture with the SBA Group. Ellex advised the SBA Group.
As SBA Urban is also developing another 2.5-hectare plot in the Nemunaiciai district, according to Cobalt, "the companies applied to the Competition Council for a permit to establish a joint venture. If approved, each of the partners would own 50% of the shares of the newly established company."
Taba Invest is an investment company that performs real estate management activities and provides hotel and catering services.
The SBA Group is a Vilnius-headquartered investment company focusing on the furniture, textile, modular construction, and real estate sectors. SBA Urban is a real estate developer.
"We believe in the potential of Kaunas, and especially the left bank of the Nemunas River and, as a financial investor in the project, we have assessed that organic development of the entire territory will create more value for us and our future clients than a spontaneous or eclectic one," Taba Invest CEO Tautvydas Barstys commented. "However, in order to start work with our partners, we need to get the Competition Council’s permission to set up a joint venture."
The Cobalt team included Managing Partner Irmantas Norkus and Partners Rasa Zasciurinskaite and Arturas Kojala.
