The Latvian branch of “OP Corporate Bank plc” has granted an 8.7 million euro loan to the company SIA “Irbis A” owned by the Lithuanian closed-end investment fund UAB “Eika Real Estate Fund”, managed by the fund management company UAB “Eika Asset Management”, for the acquisition of the shopping centre at Grostonas street 1 in Riga.
The building at Grostonas street 1 was constructed in 2012, and significant investments were made into it in 2018. The main tenants of the shopping centre are “Maxima”, “Pepco”, and “Lemon Gym”, and it is the only shopping centre in the vicinity. A significant advantage of the building is its location in Skanste, a neighbourhood close to the city centre with many opportunities, which is attractive not only to fans of the modern urban environment, but also to companies and investors. Many international companies and banks have chosen Skanste as their home.
Elmārs Prikšāns, General Manager at “OP Corporate Bank plc” Latvia branch, commented: “Developing a modern urban environment for the wellbeing of the residents is the foundation for a city’s long-term growth. Skanste neighbourhood is certainly becoming a modern and dynamic neighbourhood of Riga, which provides residents and companies with opportunities that are only available in modern cities in one place - a quality life, work, investment, and cultural environment. We are happy to support this deal and grow together with Skanste neighbourhood, strengthening Riga’s competitive capacity at the regional as well as European level.”
The Latvian branch of “OP Corporate Bank plc” has been operating since 2012, and during this time has gained a significant role in the long-term development of Latvia and the whole region. “OP Corporate Bank plc” is the central bank of “OP Financial Group”, Finland's largest financial services group. International credit rating agencies have rated OP Group as a stable and strong financial organisation by assigning the highest ratings to the long-term liabilities. Corporate social responsibility is an integral part of “OP Corporate Bank plc” business and strategy, and it involves ESG (Environmental, Social, Governance) or environmental protection, social responsibility and good management practices to direct the public towards a sustainable economy.