Cobalt's Vilnius office has advised BaltCap Infrastructure Fund on its investment in a real estate development to be leased to the Queen Morta School and Childhood Garden pre-school, both privately run by Austeja Landsbergiene. The prime contractor in the project is UAB Merko Statyba.
Cobalt estimates the value of the investment at EUR 11 million, with the EUR 7.4 million cost of construction representing the greater part of the total investment value.
According to Cobalt, the deal is the first of its kind in the field of education-business partnership.
The property, which consists of around 7 400 square meters, is designed to house a school and pre-school due to open in September 2019. The new educational establishment in the Lithuanian capital's Kalnenai district will provide up to 800 student places, not including those for pre-school children.
For 20 years, BaltCap Infrastructure Fund will retain ownership of the building and lease it to the Queen Morta School and Childhood Garden pre-school.
Cobalt’s team consisted of Partner Simona Oliskeviciute-Ciceniene, Managing Associate Ausrys Sliavas, and Associate Simas Paukstys.
Cobalt did not reply to our inquiry about the deal.