Large-scale real property consolidation and sale projects in the centre of Vilnius completed successfully

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Two large-scale real property consolidation and sale projects regarding an area of 2 hectares in the centre of Vilnius have been completed successfully with the assistance of law firm TGS Baltic. The first project was successfully finished at the end of 2015 and the second one – in the beginning of 2016.

In implementing the projects, more than 20 land parcels were consolidated into three land plots for construction of residential buildings and commercial properties and sold to two final developers by two individual transactions.

For successful consolidation and sale of the land plots, missing parts of parcels and buildings had to be acquired from third parties (including the state, an heir who has missed the deadline for accepting an inheritance and a bankrupt entity) and over 30 existing structures had to be demolished in a very short space of time.

These projects were exclusive also due to the abundance and diversity of transactions, ranging from preliminary and master purchase and sale agreements, exchange, assignment of claims, novation, loan and construction works agreements to inheritance rights acquisition and conditional mortgage/pledge refusal transactions, which are rear in practice.

Lawyers from TGS Baltic provided complex legal services in respect of these projects, including the structuring of real property (parcels and buildings) acquisition and subsequent transfer, financing, mortgage, pledge and other related transactions, drafting of agreements and other documents, representation in relations with counterparties and state authorities as well as coordination and supervision of the conclusion and implementation of transactions.

Partner Dainius Stasiulis and Senior Associate Sandra Bliuvaitė-Šulcienė led the TGS Baltic team in the projects.