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Luminor bank has granted 3.4 mn EUR to the real estate developer EfTEN Residential for an apartment block project Podnieki in Ādaži, Latvia.
“The companies of the group EfTEN manage 45 commercial properties in the Baltic States, and that allowed the company to gain precious experience in real estate development and management. In Latvia, the company develops housing stock and offers apartments in two completed projects. Also, it actively works on developing its next projects, among which is a building of the project Podnieki bought by EfTEN to complete the construction with support by Luminor and to provide families with the new housing. We are delighted to support and fund experienced real estate developers like EfTEN which contributes to extension of housing stock,” - says Uģis Počs, Expert of Luminor bank in Real estate funding.
According to Luminor’s data, more and more young families prefer to live in area around Riga, in areas which are not too far from the city and have greener, family-friendlier environment. That is why it is important to develop housing stock which meets demand in the counties around Riga. Podnieki is one of such projects.
“According to a team of Eften, Podnieki, one of the family-friendliest areas in Riga region, located in Ādaži, which is the county with well-developed but still progressing infrastructure and fastest population growth among the areas around Riga. That is why, after analysing next potential directions of housing stock development, we have chosen that project,” told Normunds Muskats, Specialist in house sale of EfTEN.