Swedbank provides €67m loan to Realco

Swedish bank Swedbank has provided €67 mln in financing to Realco, a Lithuania-based real estate development company within the Icor group.

Hero Business Centre, Vilnius

This funding will primarily be used to pay off the existing bonds for the Hero business centre, with the rest reserved for customising office spaces for future tenants.

Despite a higher-than-usual office vacancy rate in Vilnius (12-14%), the Hero business centre, which opened in September 2025, has successfully leased over 10,000 m2 of additional space since its opening, bringing its total occupancy to 56% (17,000 m2).

The increasing occupancy and steady income from Hero led to a shift from bond financing to a more stable bank loan. This allowed Realco and Swedbank to work together on a financing solution that optimised Realco's debt by replacing more expensive bonds with a long-term bank loan. This move reduces borrowing costs and allows Realco to focus more on property management and leasing the remaining space.

In March 2026, Hero received the "BREEAM International New Construction Final Certificate," indicating its adherence to the highest sustainability standards.