The second €200 million multi-apartment buildings modernization fund launches
22 Marzo 2024 - 8:00AM
UK Regulatory
The second €200 million multi-apartment buildings modernization
fund launches
On March 21, 2024, the SB Modernization Fund 2 established to
finance the renovation of multi-apartment buildings started
operations. UAB SB Modernization Fund 2 a subsidiary of Šiaulių
Bankas signed financing agreements with the European Investment
Bank (EIB) acting as Lithuanian national funds manager, Swedbank,
the European Bank for Reconstruction and Development (EBRD),
Šiaulių Bankas and SB Asset Management, an asset management company
of Šiaulių Bankas Group.
The €200 million fund is planned to finance the
renovation (modernization) of up to 300 apartment buildings in
Lithuania, reducing carbon footprint and improving conditions of
about 10 thousand households.
"The SB Modernization Fund is unique in that its
resources have been mobilized by international and Lithuanian
financial institutions, and the benefits will be felt by all – the
quality of life of thousands of residents will improve, heating
costs will be reduced, less CO2 will be emitted into the
environment, and the business sector involved in the modernization
of apartment buildings will be strengthened. In this way, we will
all contribute to a more sustainable and beautiful Lithuania.
The Lithuanian renovation financing model is an example for other
countries that are tackling similar problems," says Vytautas
Sinius, CEO of Šiaulių Bankas.
Šiaulių Bankas, the leader in apartment
renovation financing in the country, is the founder of the fund and
the administrator of renovation loans, while SB Modernization Fund
2 acts as the legal manager.
The first €275 million SB Modernization Fund was
established in 2022, has been successfully disbursed and has
already financed the renovation of 395 apartment buildings.
Šiaulių Bankas has a 65 % share in the
Lithuanian multi-apartment modernization financing market and has
been involved in multi-apartment modernization programmes in
cooperation with the EIB for over 12 years. During this period,
more than €1 billion of modernization loans have been disbursed and
more than 2,800 multi-apartment buildings modernization projects
have been financed.
Lithuania's long-term renovation strategy
envisages renovating most old apartment buildings by 2050,
two-thirds of which are of energy class D or lower. The strategy
aims to reduce primary energy consumption by 60 %.
Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt
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