TGS Baltic has advised the European Investment Bank on its agreement with Siauliu Bankas to set up and manage a second, EUR 200 million, apartment building renovation fund in Lithuania.
According to TGS Baltic, Siauliu Bankas signed an agreement with the EIB to "amend the 2020 operational contract for the Multi-Apartment Building Renovation Fund, committing to set up and manage a second EUR 200 million multi-apartment building renovation fund. The second Multi-Apartment Building Renovation Fund is planned to finance the renovation (modernization) of around 300 multi-apartment buildings in Lithuania. Around 11,000 households would benefit from the changes."
The first EUR 275 million SSB Modernization Fund was established in 2022 (as reported by CEE Legal Matters on May 2, 2022) and has, according to TGS Baltic, "been successfully disbursed and has already financed the renovation of 395 apartment buildings. Siauliu Bankas has a 65% share in the Lithuanian multi-family modernization financing market and has been involved in multi-family modernization programs in cooperation with the EIB for over 12 years. During this period, more than EUR 1 billion of modernization loans have been disbursed and more than 2,800 multi-apartment building modernization projects have been financed."
The TGS Baltic team included Managing Partner Vilius Bernatonis, Partner Zygimantas Stankevicius, Senior Associate Sebastian Okinczyc, and Junior Associate Evelina Savickaite.
TGS Baltic did not respond to our inquiry on the matter.
Editor's Note: On March 21, 2024, TGS Baltic announced that the SB Modernization Fund 2 was established as a securitization vehicle and a subsidiary of Siauliu Bankas.
