OREANDA-NEWS. November 30, 2010. SEB Bank has issued a loan of LTL 28.35 million (EUR 8.21 million) to joint stock company MG Valda, which belongs to concern MG Baltic. The loan funds will be used for the construction of Antakalnio Terasos, a modern residential area in Vilnius. Its developer is MG Valda. The new residential area will be built on the site where buildings of Lietuvos Kino Studija (Lithuanian cinema studio) were previously located, reported the press-centre of SEB Bank.  

“We can see future in higher than average-class residential property at Vilnius real estate market, as the number of deals remains stable and offer is decreasing. Therefore, having assessed the business plan of the project the bank has taken a positive decision to allocate financing for the implementation of the project,” said Aivaras Cicelis, Vice President and Head of Corporate Banking of SEB Bank.

A. Cicelis said that the economic downturn has been especially tough on the construction business, therefore, being aware of the sensitivity of this sector, the bank takes decisions on financing new real estate objects only being convinced that the project is a promising one, that the developer has more than once proven by its actions that it is able to fulfil the obligations it has assumed.

MG Valda, the developer of the project, has been operating in the real estate market in Vilnius for fifteen years already and has implemented various real estate development projects over 100 thousand square meters in area in total. The company has taken part in a wide range of development projects, among them, the construction of industrial buildings, logistics centres, medical purpose buildings and residential property.