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Rietumu Banka has granted a 25 million euro loan to Astor Group companies, which are engaged in the management and development of many well-known hotel properties in Riga, such as Radisson Blu Daugava, Radisson Blu Rīdzene, Park Inn by Radisson Valdemara, Park Inn by Radisson Residence Riga Barona and Radisson Hotel Old Town Riga. Financing was issued both for the company’s current assets and for future development and refinancing of liabilities.
According to the company’s strategy, Astor Group plans to renovate some properties and expand their functions in the near future. Also, the company intends to improve the infrastructure of the existing properties in order to achieve a more sustainable use of energy.
“A deal with Astor Group reflects the focus of Rietumu Bank’s activity – we finance important, large-scale companies and their projects in Latvia and other Baltic countries, understanding the specifics of the company’s business and developing an individually suitable solution for it. We appreciate it Astor Group market position and future potential in the field of Riga’s hospitality,” says Jeļena Buraja, Chairman of the Board of Rietumu Banka.
“Astor Group engages in residential project and commercial real estate development. We wanted to attract a partner who, like us, would be interested in business success and growth, learning new markets, setting and realizing ambitious goals, as well as implementing promising projects and creative business ideas. In Rietumu Bank, we found like-minded people who fully appreciated our potential and provided the necessary financing in the form of both credit and financial consulting. I am sure that this transaction will allow us to focus on the development of existing projects and promote business development in the near future,” says Raimonds Pläte, Astor Group Member of the Board.
Astor Group is formed by a group of Latvian companies that develops real estate for hotels of various market segments with Radisson brands such as Radisson Blu and Park Inn by Radisson. Astor Group He has been working in Latvia for more than 20 years.
About the bank: “Rietumu Banka” is one of the largest banks in Latvia and the Baltic region, with a focus on serving medium and large companies. According to industry data, “Rietumu Banka” is the largest shareholder-owned bank in Latvia. “Rietumu Banka” provides a full range of services, focusing on corporate lending and liquidity solutions, providing individual service and high quality customer service.
“Western Bank”
2023-08-17 08:53:49
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