The Luminor Bank has granted a loan of EUR 6 million to the Bonava Latvija development company and its Krasta Kvartals rental housing project in Riga, bank representatives have told LETA.
The loan will be used to refinance the company’s investments, as well as to invest in other residential development projects so as to provide new housing for the residents of Riga.
Krasta Kvartals is located in the Krasta neighbourhood and on land that was once occupied by a furniture factory. The project involves six nine-floor buildings with 566 energy-efficient flats, as well as new landscaping for the surrounding area.
Construction work on the project began in 2018 and involved several phases.
Bonava Latvija posted revenues of EUR 33.058 million in 2023, which was 6.5% less than in 2022. Its profits fell by 2.4 times to EUR 2.126 million, according to Firmas.lv.
Bonava Latvija develops, builds and sells economic and business segment housing in Riga.
Source: BNS
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