OREANDA-NEWS. August 07, 2013. SORAINEN Lithuania advised DNB Bankas (Lithuania) and DNB Bank ASA (Norway), the largest financial services group in Norway, on granting a loan of LTL 190 million (approx EUR 55  million) to the Norwegian real estate development group Schage for development of Quadrum business city in Vilnius.

The new business centre, Quadrum, will be like no other in Lithuania in terms of its structure and size. The business city is to comprise three buildings, which together with other spaces will cover in total an area of 70,000 m2. It will contain both business premises and a recreational zone in the form of a green yard open to residents and guests of Vilnius, an underground parking facility with 700 spaces, as well as separate cultural and service areas. The total disclosed value of the investments Schage is making in the project is LTL 260 million (approx EUR 75 million).

SORAINEN advised the financing institution on issues of Lithuanian law and the compliance of the financing documents with that law. It also provided advice in defining the structure of the security portfolio and preparing its documentation as well as in negotiations with the client.

The client was advised by partner Tomas Kontautas, senior associate Augustas Klezys, associates Rasa Mikutiene and Simona Stanciukaite.