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).

The company plans to complete the redevelopment of the area in the office complex Citadeles 9a, located near Kronvalda Park, within the next few months. The three-story building in the very heart of the city, on the edge of the Riga Canal, will offer spacious functional office space with an area of 1,539.9 m2, and will be surrounded by a garden with more than 100 flowering fruit trees.

Renovation works have also begun actively in the historic, six-story building designed by architect Janis Fridrihs Baumanis and built in 1881 at Krišjāņa Barona Street 2, which is being carried out in collaboration with the Italian architect Adriano Castiglioni. The renovation of the building is proceeding in accordance with both the guidelines for the preservation of the historical heritage and the principles of environmental sustainability. After the implementation of the project, the building will offer top quality commercial spaces of more than 4,000 m2.

As the results of “Baltic RE Group” show, a fundamental issue for tenants in the segment of commercial premises in the current market is not only the functionality and price of the premises, but also the energy efficiency and sustainability indicators of the building. Thus, all the ongoing projects of the Group are in process of obtaining a high rankin in the international “green” certifications, and only renewable energy is currently used in all buildings managed by "Baltic RE Group".

The company "Baltic RE Group" has been operating in Latvia since 2008 and specializes in the purchase and management of high-value real estate. As one of the market leaders in the Baltic premium class property segment, "Baltic RE Grup" implements the highest environmental sustainability, finishing and quality solutions in its buildings.

Among the renovated buildings of the company are properties in Old Town of Riga and in other districts of the historical center of the city. Currently, the real estate portfolio of the company group includes buildings at Citadeles 9a, General Radziņa krastmala 15, Kalķu street 6, Krāmu street 2, Kr.Barona street 2, Raina Bulvaris 25, as well as the complex of buildings of the historical "Rīgas Melnais balzāms" and "Rīgas Raugs" factories at Pulkveža Brieža street 27. The renovated building of "Baltic Re Group", a seven-storey building at Raina bulvāris 25, which currently houses the central office of the company "Printful Latvia", has received several prestigious awards, including the “Būvindustrijas Lielā balva” award in the "architect of the year" category, as well as the international "BREEAM Excellent" certificate, which is used to determine the sustainability indicators of environmentally friendly buildings.