Tech Zity Vilnius raises EUR 8 million in bond issue

Tech Zity Vilnius, a technology and creative industries campus being developed in the capital's Naujamiest district, has successfully raised €8 million. A further EUR 2 million issue is planned for February next year. The bonds were underwritten by Project Lilium, a company dedicated to the project, and offer investors an annual interest rate of 10.5%.

The bond issue is dedicated to the reconstruction of Tech Zity's flagship project, Tech Zity Vilnius, into Europe's largest tech and creative industries campus. The first phase of the project is planned to open in 2025, the second phase a year later. The total investment in the project will reach €100 million.

„This bond issue is to refinance our first bond issue and to further develop the project. The success of the issue shows the investors“ faith in the project,„ says Darius Žakaitis, one of the co-owners of Tech Zity Vilnius.

The bond issue is being executed by Šiaulių bankas, and the legal advisors are FO Consulting group and TGS Baltic Lietuva.

„Tech Zity Vilnius is being developed in the complex of buildings of the former Lelija sewing factory. During the first phase, about one third of the total planned complex will open its doors - 15.5 thousand sqm out of the planned 55 thousand sqm.Tech Zity Vilnius is co-owned by Mantas Mikuckas and Darius Žakaitis.

„Tech Zity manages four start-up, technology and creative industries locations in Vilnius - Tech Park, Tech Arts, Tech Loft and the future Tech Zity Vilnius. The company also owns Tech Spa, a workplace project in Druskininkai, and Tech Zity Klaipėda, which is being developed in the port city.