The bank lends 6.9 mln. euros for the “Youston” project in Vilnius – MadeinVilnius.lt

Citadele Bank provided 6.9 million EUR financing for the real estate development company “Kaita Group”. The provided funds are intended for the refinancing of the company’s financial obligations in the Youston project of the co-living network.

In 2021, the company purchased the building of the former “Ecotel” hotel in Vilnius, Slucko st. 8 and transformed it into 144 co-living units and more than 1000 sq. m. m of co-working spaces.

“Vilnius is a growing city, so we are already facing a lack of space for new residential houses and work. We appreciate the opportunity to finance a project that turned an old building into a new modern place for living and working, thereby creating additional value for Vilnius and its citizens,” says Vaidas Žagūnis, member of the board of Citadele bank and Head of the Business Banking Department for the Baltic States.

The uniqueness of shared life projects is communality. Residents have their own private rooms, kitchen and bathroom, but can spend time with their neighbors in common areas such as use of the gym, reading room, cinema, outdoor terraces, sauna and other areas. The majority of the population are citizens of foreign countries who are looking for a comfortable life and have already tried a similar service in other countries.

According to Kaita Group CEO Ugnius Latvis, cooperation with one of the leading banks opens up additional opportunities.

“Being the leaders of the housing rental market, we not only develop projects for rent, but also set new standards of quality of life in Lithuania and foreign countries. The contribution of the leaders of the financial sector to our activities allows us to state that we are going in the right direction, creating sustainable, modern and exceptional projects”, says U. Latvys.

Kaita Group, which develops new construction, rental and housing conversion projects, currently manages the largest portfolio of 545 housing units for rent in Lithuania. At the beginning of this year, the co-living project of the Youston brand was opened in Prague. Next year, another “Youston” co-living project will open its doors in Riga. In addition to rental projects, the company is currently developing the “Haivo” project in Naujamiestis, the “Moods” project in Žirmūnai and the high-rise building complex “Newton” in Viršuliškės in Vilnius.