π Tender Overview
Location:
Lithuania
Project number:
53609
Business sector:
Property and tourism
Notice type:
Private
Environmental category:
B
Approval date:
26 Mar 2025
Status:
Pending Approval
English-language PSD published:
18 Feb 2025
Project Description
An equity investment of up to EUR 50 million in a limited liability company to be established in Lithuania, which will act as a joint venture (the "JV") between the Bank and UAB Releven (the "Sponsor" or "Releven"). The proposed JV will focus on the development of modern, sustainable mixed-use and residential assets located in Vilnius' core submarkets (the "Project").
Project Objectives
The EBRD's investment will enable the development of a number of residential and mixed-use projects in Vilnius, Lithuania, promoting urban regeneration by focusing on redeveloping brownfield sites and developing underused land in central locations. The Project strongly aligns with the EBRD Real Estate Strategy 2025-2029, reinforcing priorities such as decarbonisation, urban regeneration and shortages of quality housing. By setting new benchmarks for environmentally sustainable mixed-use developments, the Project will serve as a model for sustainable urban transformation in Lithuania and the broader CEE region.
Transition Impact
ETI score: 64
Transition Impact will be derived from the following:
- Green (Primary): The JV will invest in the development of modern green office-led mixed-use and residential buildings that will either be certified to the minimum level of BREEAM "Very Good" (or equivalent certification) or achieve 10% higher energy efficiency than the national nearly Zero Energy Buildings (nZEB) requirements.
- Competitive (Secondary): The Project contributes to urban regeneration as the JV focuses both on redeveloping brownfield sites in the city centre as well as on developing underused land in central locations of Vilnius central business district, which will support agglomeration economies.
Client Information
RELEVEN UAB
UAB Releven, a limited liability company registered in Lithuania, is a development platform established to focus on the development of residential and commercial projects in Lithuania.
EBRD Finance Summary
EUR 50,000,000.00
Total Project Cost
EUR 125,000,000.00
Additionality
The Bank's additionality will be derived from (i) filling a market gap and providing the necessary equity financing for the Project to materialise, and (ii) its expertise for the adoption of gender standards.
Environmental and Social Summary
Categorised B (2019 ESP). The key E&S risks and impacts associated with the development of the two advanced pipeline projects, Horizontai and SanguΕ‘ki parkas, are readily identifiable and can be mitigated through relevant environmental and social risk management measures. The environmental and social due diligence ("ESDD") was undertaken by the Environmental and Sustainability Department ("ESD") and included an
