“Rietumu Banka” has issued 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”.
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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.
“The transaction with “Astor Group” reflects the focus of “Rietumu Banka” activity – we finance important, large-scale companies and their projects in Latvia and other Baltic countries,” emphasizes Jeļena Buraja, chairman of the board of “Rietumu Banka”.
“Astor Group” deals with the development of residential projects and commercial real estate. 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 perspective projects and creative business in the implementation of ideas,” says Raimonds Plāte, member of the board of Astor Group.
“In Rietumu Banka, we found like-minded people who fully appreciated our potential and provided the necessary financing in the form of both a loan 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,” emphasizes Plāte.
2023-08-17 09:23:46
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