Rietumu Bank allocates 3.56 million euros for the reconstruction of historical buildings in Riga
Rietumu Bank has allocated 3.56 million euros to SIA FRB for the purchase and reconstruction of two historic buildings in Riga, a suburb of Latgale, on Daugavpils Street.
The properties are architectural monuments of local importance, which, while preserving their architectural values, will be transformed into modern apartment buildings after renovation. In addition, the company will partially use the loan to increase its working capital.
After the renovation work is completed, the properties will have 59 apartments with a total area of approximately 1,929 m2, and in addition, it is planned to build warehouses in the basement.
“We see that in the Riga housing market there is a steady demand for modern, fully renovated properties in historic buildings, as they usually have a good location in the city center or in its immediate vicinity, as well as a special value provided by the context of historical heritage. This is already a proven cooperation with these investors, as we are already collaborating on another project, in which an Art Nouveau building on A. Čaka Street is being renovated,” says Artūrs Jukšs, Member of the Board of Rietumu Banka, Head of Credit Management.
The properties were built in 1909 and their author is architect Heinrihs Devendruss, who has designed a number of other buildings right in the suburbs of Latgale.
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