Early Warning System

Countries

Lithuania

Geographic location where the impacts of the investment may be experienced.

Specific Location

Vilnius

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Aug 13, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Aurochs Investments UAB

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Construction
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 21.55 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 19.6
Converted using 2024-08-13 exchange rate.

Project Cost (USD)

$ 33.43 million

Bank Documents

Translation: InvestEU - Jasinskio real estate (Lithuanian)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 17, 2025

Disclosed by Bank Aug 12, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of a senior secured loan of up to EUR 19,600,000 to Aurochs Investments, UAB, a limited liability company incorporated in Lithuania. The loan will be used for the construction of Jasinskio 2, a sustainable office building of 7,300 sqm net leasable area in a prime location in the centre of Vilnius, Lithuania. The Project is developed and managed by EIKA Development, UAB, a limited liability company incorporated in Lithuania and the real estate services arm of EIKA Group, one of the largest real estate development and construction groups in Lithuania.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). The Project is to construct a six-story office building in the centre of Vilnius.

The Developer does not have any formal environmental and social management system or international standards to manage E&S risks. The Developer confirmed their plan on their first sustainability report for 2025 to be published in 2026 which will include an E&S plan, actions, monitoring and reporting with KPIs.

An ESAP has been developed and will be agreed upon with the Developer before the signing. This will require the company to formalise the ESG enhancements, including disclosing the ESG strategy on their corporate website, and informing the Bank of ongoing ESG progress. The ESAP will also require the review and development, as necessary, of their HR policies covering all employees, employees of contractors, and sub-contractors, including information on freedom of association and right to collective bargaining. The client is required to ensure that the project complies with the Banks PRs as well as submit an annual ES report to the Bank, along with an update on the ESAP implementation progress.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A senior secured loan of up to EUR 19,600,000

Total Project Cost: EUR 30,400,000

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The client is Aurochs Investments UAB, a limited liability company incorporated in Lithuania that constructs offices to rent.

The Project is developed and managed by EIKA Development UAB, a limited liability company incorporated in Lithuania and the real estate services arm of EIKA Group, one of the largest real estate development and construction groups in Lithuania.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Aurochs Investments UAB	Client	-
-	-	-	-	EIKA Development UAB	Contractor	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Jonas Janusauskas
Jonas@eika.lt
+370 686 40106
A. Gostauto g. 40B, Vilnius

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html