Adon Legal has advised the Galio Group on obtaining EUR 11 million in financing from the Citadele Bank for the development of a residential project in Vilnius.
The Galio Group is a Lithuanian capital real estate development company, operating since 2006.
According to Adon Legal, “Revingis2, one of the Galio Group companies, will use the EUR 11 million loan for the first phase of the ReVingis project, River Space. The funding is allocated for the construction and development of 10,000 square meters of A+ energy efficiency class residential buildings.”
According to the firm, “the project is being implemented on the bank of the Neris River, next to the largest city park, Vingis Park. As part of the project, a massive industrial area is planned to be transformed into leisure, recreation, and residential space, by installing four multi-apartment blocks with more than 600 apartments. The Neris embankment is set to be renewed: modern bike and pedestrian paths will be laid, connecting the project's homes with Vingis Park, and recreational alleys will be installed. The completion of the first phase of construction is planned for the first quarter of 2024.”
Back in 2022, Adon Legal had also advised the Galio Group on a EUR 26 million loan from Citadele Bank, set to be used for the development of several residential projects (as reported by CEE Legal Matters on February 4, 2022).
Adon Legal’s team was led by Partner Marius Matiukas.
Adon Legal was unable to disclose further information on the deal.
