BluOr Bank has provided a funding of 10.5 million euros for building renovation
August 17, 2023
Real estate investor "Baltic RE Group" has attracted a loan of 10,500,000 euros from "BluOr Bank". The received financing will be used for the smart refinancing of existing long term credit facilities, as well as for financing the redevelopment of two real estate objects in Riga - the upcoming "Il Giardino" office complex at Citadeles 9a and the renovation of the historic six-story building at 2 Kr. Barona Street.
"For the development of the real estate market, not only the construction of new projects is important, but also the high-quality restoration of historical properties. We are pleased to start cooperation with a real estate investor characterized by a long-term perspective and a clear vision of real estate portfolio development. This type of investment creates stability and long-term value for both commercial tenants and the city in the context of preserving its historic architectural heritage. Keeping these values in mind, "BluOr Bank" purposefully supports the implementation of both new and historical real estate projects," says Dmitrijs Latiševs, chairman of the board of “BluOr Bank”.
The company "Baltic RE Group" is an experienced real estate investor, specializing in the purchase and renovation of historical real estate. The company's operating model envisages the purchase of historical buildings in the top locations high-quality renovation of these buildings, followed by the leasing and management of the premises. The commercial properties belonging to the Group are high-class rental objects with modern and functional planning, high-quality design, and innovative energy efficiency solutions.
“The financing received from “BluOr Bank” is a transaction between two leading players successfully leading their industry segment, which I hope will become the first step in a long-term cooperation. The current real estate market is characterized by intensified competition, which requires a professional approach, a clear vision and financial discipline. We are glad that tenants of commercial spaces in Latvia are increasingly appreciating sustainability solutions of renovated buildings, as well as the charm, aesthetics, and functionality of historic and renovated buildings," says the founder and CEO of "Baltic RE Group" Giovanni dalla Zonca (look the images).