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Cobalt and Ellex Advise on Taba Invest and SBA Urban JV for Kaunas Project Development

Cobalt and Ellex Advise on Taba Invest and SBA Urban JV for Kaunas Project Development

Lithuania
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Cobalt has advised Taba Invest on the development project for a 3.3-hectare area on the left bank of the river Nemunas in Kaunas through a joint venture with the SBA Group. Ellex advised the SBA Group.

As SBA Urban is also developing another 2.5-hectare plot in the Nemunaiciai district, according to Cobalt, "the companies applied to the Competition Council for a permit to establish a joint venture. If approved, each of the partners would own 50% of the shares of the newly established company."

Taba Invest is an investment company that performs real estate management activities and provides hotel and catering services.

The SBA Group is a Vilnius-headquartered investment company focusing on the furniture, textile, modular construction, and real estate sectors. SBA Urban is a real estate developer.

"We believe in the potential of Kaunas, and especially the left bank of the Nemunas River and, as a financial investor in the project, we have assessed that organic development of the entire territory will create more value for us and our future clients than a spontaneous or eclectic one," Taba Invest CEO Tautvydas Barstys commented. "However, in order to start work with our partners, we need to get the Competition Council’s permission to set up a joint venture."

The Cobalt team included Managing Partner Irmantas Norkus and Partners Rasa Zasciurinskaite and Arturas Kojala.

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