COBALT advised AS Kapitel, one of the largest real estate companies in the Baltics, on its investment in the public-private partnership (PPP) project for the construction of the Rūdninkai military campus in Lithuania. As part of the transaction, Kapitel’s subsidiary ELL Real Estate Holding B.V. acquired a 70% shareholding in the PPP project companies UAB VPSP B and UAB VPSP C through a share capital increase, and in addition will also acquire a 70% stake in UAB VPSP Projektai, the company that will provide facility management and maintenance services for the completed campus.
Following completion of the transaction, the companies implementing the PPP project form part of the AS Kapitel group, and UAB Merko Statyba retains a 30% minority interest in both project companies and in the company providing facility management and maintenance services, while continuing to act as the main contractor under the design and construction agreements. As part of the package of agreements, UAB Merko Statyba entered into design-and-build contracts with UAB VPSP B and UAB VPSP C, covering Parts B and C of the military campus, with contract values of EUR 174.0 million and EUR 198.7 million respectively, excluding VAT.
Our team included Partner Aivar Taro and Specialist Counsel Heleri Tammiste from COBALT’s Estonian office, and Partner Dr Juozas Rimas, Associate Partner Maksimas Saveljevas, Specialist Counsel Aušrys Šliavas, and Senior Associate Ieva Milkamanavičiūtė from COBALT’s Lithuanian office.
For further information on the transaction, please see here: https://view.news.eu.nasdaq.com/view?id=1453592&lang=en
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Photo: AS Merko Ehitus
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