On October 11, 2017, CEELM reported that UAB Bite Lietuva had received a license from the Bank of Lithuania to operate as an electronic money institution. Jurgita Pelediene, the Legal Manager at Bite Lietuva, agreed to answer our questions on the procedure.
On October 12, 2016, CEELM reported that Lords LB Asset Management had entered into a management contract with Carlson Rezidor to open a Radisson RED hotel in Vilnius, Lithuania. Fund Manager Marius Zemaitis agreed to answer our questions on the deal.
Primus has advised Lithuanian company UAB Hekon, a subsidiary of Orbis S.A. — part of AccorHotels — in concluding a preliminary sale and purchase agreement with the UAB Merko Bustas construction company to build a 164-room hotel with restaurant, bar, and conference halls. The value of the transaction is EUR 8.5 million.
Sorainen Lithuania has advised DNB Bank ASA, the largest financial services group in Norway, on the grant of a loan to Norwegian real estate development group Schage for the development of the Quadrum business center in Vilnius. According to Sorainen, "the total disclosed value of Schage’s investment in the project is EUR 100 million."
Lithuania is currently finalizing its internal debate on the transposition of Directive 2014/26/EU on the collective management of copyright and related rights and multi-territorial licensing of rights in musical works for online use in the internal market (the “Directive”), which will change the Law on Copyright and Related Rights of the Republic of Lithuania (the “Copyright Law”) and will have an enormous impact on all stakeholders: collecting societies, right holders, and users.
Glimstedt has advised UAB Marina Nida on its entrance into a deal with Carlson Rezidor, a top international hotel operator, to open a five-star Radisson Blu Hotel & Spa Nida Marina on the Curonian Spit. The hotel will overlook the Curonian Lagoon and is expected to open its doors by the end of 2019.
Sorainen has advised a subsidiary of Lords LB Special Fund I, a fund belonging to investment management company Lords LB Asset Management, on its conclusion of a hotel management contract with operator Carlson Rezidor regarding hotel opening and further activity in Vilnius under the Radisson RED name.