INVL fund takes controlling stake in parent company of Rūdninkai Military Town developer
The INVL Defence Infrastructure Fund I, managed by INVL Asset Management, a leading alternative asset manager in the Baltics, has acquired 86% of the shares in Rudina invest, the company that controls Rudina. Rudina is implementing part A of phase II of the Rūdninkai Military Townproject under a partnership agreement signed with the Ministry of National Defence on 15 January 2026.
The transaction is being carried out in two stages. The shares were acquired for a symbolic, nominal value. At a later stage of the project, the fund, together with its consortium partners, will increase the company’s share capital.
This transaction executes an agreement reached last year by INVL Asset Management with consortium partners Conres and Fegda, under which the INVL Defence Infrastructure Fund I is the financial partner of the project, while the other consortium members are responsible for the project’s development, maintenance, and management.
Under the consortium members’ agreement, the remaining 14% of the shares in the company controlling Rudina are held in equal parts by consortium partners Conres and Fegda. The partners are investing equity in the project in proportion to their shareholdings.
“By becoming the majority shareholder, we are fulfilling the mission entrusted to us by more than one hundred investors from the Baltic states: to invest directly in Lithuania’s national security. We are doing this according to the cooperation model planned from the outset: the fund’s role in the consortium is to provide the necessary capital and management control for the project, while the partners’ role is to ensure smooth turnkey construction,” says Ignas Šablevičius, Head of Infrastructure Projects at INVL Asset Management.
According to Mr Šablevičius, now that the equity portion has been secured, final terms for the remaining part of the project’s financing – the loans – are being negotiated with selected banks. This stage is expected to be completed by the end of the second quarter.
Since January, Conres and Fegda have been carrying out preparatory work at the project site. At the same time, international consultants are conducting comprehensive legal, financial, and technical due diligence on the project to ensure the work proceeds smoothly and to a high standard.
It was announced in mid-May that the INVL fund had raised EUR 27.3 million for the development of part A of stage II of the Rūdninkai military town from more than 100 institutional and private investors in the Baltic states. The final amount raised exceeded the initial target of EUR 26 million.
About INVL Asset Management
INVL Asset Management is a part of Invalda INVL, the leading Baltic asset management group, which currently employs more than 150 employees. The Invalda INVL group manage or have under supervision more than EUR 2.1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. For further information, visit www.invl.com/en/.
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