Capitalica Z114 Real Estate Fund Closes EUR 17 Million Refinancing Transaction

Ellex advised Capitalica Z114 Real Estate Fund on securing EUR 17 million in financing from Rietumu Banka to refinance previously issued bonds used for the development of the Sand Offices business centre in Vilnius.

The refinancing strengthens the project’s financial structure by providing stable long-term financing. Sand Offices is a modern office complex that was completed in early 2025 and has already achieved a high occupancy rate. The total project budget amounts to EUR 25.5 million. 

In this transaction, Ellex represented Capitalica Z114 Real Estate Fund. The transaction was led by Ellex in Lithuania Associate Partner Egle Neverbickiene and Ellex in Latvia Partner Ivars Pommers and Associate Partner Zane Veidemane-Bērziņa.