EBRD supports sustainable urban regeneration in Lithuania: Releven Properties JV

Lithuania’s real estate market is resilient but lacks large-scale sustainable developments in prime locations. Through its first two advanced projects in Vilnius – Horizontai (central business district) and Sangusku Parkas (old town) – the JV is targeting the transformation of underused land in the central business district and brownfield sites in the old town, supporting Vilnius’s “15-minute city” vision and bridging the gap between commercial and residential districts. The EBRD’s investment will enable the delivery of high-quality green-certified assets and set a new benchmark for urban development.

The EBRD worked closely with Releven to structure the JV, with governance and investment guidelines ensuring robust risk management, flexibility and phased delivery. Large-scale real estate (re)developments are highly complex and require financial and operational strength and flexibility, and the EBRD and Releven have worked hard to create an adequate investment platform for pipeline delivery. The growth plans also incorporate ambitious ESG and gender standards from the outset, with the EBRD’s involvement helping the JV to achieve WELL certification and adopt gender-responsive design features that go beyond national requirements.

The investment is 100 per cent Paris-aligned, supporting Lithuania’s climate and urban regeneration goals. The JV’s assets will meet BREEAM “Very Good” standards or achieve performance at least 10 per cent better than that required by the EU’s very high energy performance standards for “nearly zero-emission buildings” (nZEBs), with WELL certification for offices. Gender inclusion is a core feature, with dedicated breastfeeding rooms and other women-centric design features. The JV’s advanced projects are expected to attract 40,000+ people annually, create new jobs and catalyse further sustainable development in Vilnius.