Galio group - Citadele grants the loan of EUR 26 million to Galio Group

January 18 d. 2022 — For living

Citadele grants the loan of EUR 26 million to Galio Group

Latvian Citadele Bank has granted a loan of EUR 26 million to the real estate development company Galio Group, for which the company has mortgaged the fourth building of the office complex “S7” in Vilnius.

“Developers of the new office complex “S7” in Vilnius have set the quality standard very high, with a particular focus on sustainable, energy-efficient solutions, as well as on ensuring a high level of comfort for the people who work there. This is one of the most modern and efficient office buildings in Vilnius – the immovable property of high liquidity,” noted in the communication Vaidas Žagūnis, Management Board Member, Head of Corporate Banking, Baltics, at Citadele Bank.

According to Galio Group Head Aisvidas Sriebalius, the financing provided by Citadele Bank will allow to balance investment flows better.

“The current situation is favourable for business borrowing – with a large portfolio of projects in the pipeline we decided to take advantage of it. Construction of the block “reVingis” has started and we are expecting building permits for a number of residential projects at the beginning of the year. “The financing provided by Citadele Bank will allow us to balance the investment flows better,” said in the communication A. Sriebalius.

Galio Group completed the construction of the fourth building of the office complex “S7” in the capital city last summer. A. Sriebalius told BNS Plius that the company financed the construction of this building with its own funds.

Galio Group has constructed the fourth building of the complex with a total area of almost 21,000 m2 on the territory of Saltoniškių g. 7, which houses the service centre of Danske.

Earlier, Galio Group announced that the investment in the building will amount to EUR 27 million.

In February 2019, Galio Group and the Swedish investment company Eastnine Lithuania announced that they had agreed on the sale of three buildings of the office complex “S7” for EUR 128 million. At that time, the deal for the first building, which houses the service centre of commercial bank Danske Bank, was completed. The second building in the complex, which is leased by integrated telecommunications company Telia Lietuva, was transferred in October 2019, and the third building, which also houses Danske’s service centre, was transferred in June 2020.

Galio Group announced that they will invest around EUR 100 million in the complex of four office buildings. The company started its expansion on the site of the former bakery Vilniaus Duona in 2016.