Nordic Trustee has been appointed to act as Security Agent in the financing to a newly established EUR 275 million apartment buildings modernisation fund established by the Lithuanian bank Šiaulių bankas, the largest Lithuanian capital bank and the country’s leading renovation financier
The transaction was announced on 25 April and lenders to the modernisation fund comprise the European Investment Bank (EIB), the Council of Europe Development Bank (CEB), INVL Asset Management, Swedbank, Šiaulių bankas and Nordic Investment Bank (NIB) and the financing has a duration of 25 years until maturity.
The modernisation fund, which falls under the EU Securitisation Regulation, will also receive support from the Lithuanian government and the European Structural and Investment Fund (ESIF). The fund plans to renovate 600 old apartment buildings and the project is expected to save 200 gigawatt hours (GWh) of heat and about 50,000 tons of carbon dioxide annually.
We are very happy for being part of this interesting and important landmark transaction in the region!