EIB appointed TGS Baltic as its legal advisor on Lithuania’s multi-apartment building modernisation

04.12.2019 EIB appointed TGS Baltic as its legal advisor on Lithuania’s multi-apartment building modernisation

The agreement between the European Investment Bank (EIB) and Lithuania’s biggest law firm TGS Baltic was signed for an original period of 2 years.

In June 2019, the EIB announced a tender for selection of an adviser to advise it on all legal issues in connection with renovation of multi-apartment houses in Lithuania for the next two years. The EIB currently holds two funds in the country, intended to ensure effective renovation of multi-apartment houses: the JESSICA Holding Fund (JESSICA I) and Jessica II Fund of Funds. The announcement of the tender results revealed that from now on, the legal aspects of these funds will be administered by the successful tenderer law firm TGS Baltic.

The EIB and TGS Baltic have been cooperating on issues of sustainable investments into urban territories for over a decade – from the time when the EIB started the implementation of JESSICA I program in Lithuania in 2009. Then a team of our lawyers took active participation in the process of making a strategic action plan for the program and creation of its financial instruments.

Later, in 2017, the law firm was advising on implementation of the Jessica II Fund of Funds financial engineering instruments and creation of the Leveraged Fund under this fund for energy efficiency increasing projects.

“Professional legal administration ensures the efficient operation of our funds and thereby helps to drive apartment modernisation projects in Lithuania,” said Goetz von Thadden, EIB Head of Unit. “That is why we are glad to continue the successful cooperation with TGS Baltic.”

According to Vilius Bernatonis, the Managing Partner of TGS Baltic, the possibility to continue working on the field of renovation of multi-apartment houses is a significant sign of appreciation of the whole law firm from the EIB: “We are delighted that the EIB has again expressed its trust in us; a highly competent team has been assigned to this project, involving lawyers from different industry groups within the firm, including experts in finance, real estate and energy”.

Since the beginning of the modernisation projects, money of EU structural funds was used to renovate 2,348 multi-apartment houses in Lithuania.