Swedbank Lithuania has reached an agreement with the EIKA group of companies to provide a loan worth EUR 19 million. The loan will be used for the construction of the hotel and office part of the multifunctional complex Live Square. EIKA will invest more than EUR 49 million in this multifunctional complex. The complex will be located at the intersection of Gedimino Avenue and V. Kudirkos Street in the capital and will consist of the Hilton Garden Inn hotel with a conference center, a business center with a shopping gallery, and apartment buildings.
“It is nice to see how our capital city is developing, where, I think, we all notice new real estate projects being implemented. The fact that the internationally leading hotel chain Hilton has chosen the Live Square complex for its first hotel in Lithuania, and there is almost no free space left in the business center under construction, perfectly confirms that the project meets the needs of the market and will be successful. It is really important for us that Swedbank can contribute to the development of the city. In addition, we are pleased to be able to expand our cooperation with the EIKA group, which is one of the most reliable and experienced real estate developers in Lithuania,” says Martynas Trimonis, Head of the Real Estate Client Department at Swedbank Lithuania.
The multifunctional complex “Live Square” will consist of a 164-room four-star hotel “Hilton Garden Inn” with a 300 sq. m conference center, a business center with a shopping gallery and residential buildings. The business center will house the first co-working center in the Baltic States “Spaces” and the law firm “Sorainen”. The total planned area of the project is about 18,000 sq. m.
“We believe that the Live Square space will contribute to the revitalization of this part of Gediminas Avenue, bringing more movement and life to this sleepy part of the city center. We are pleased to have been cooperating with Swedbank, which has experience in sustainable financing, for several years now. With strong partners, we intend to invite Vilnius residents and guests to the new city space next year,” says Domas Dargis, CEO of EIKA.