Rietumu Banka issued a loan of 16 million euros to the Spanish company TAURO REAL ESTATE S.L. to finance real estate investments in Barcelona.
This is Rietumu Banka's first loan project in Spain, which indicates the expansion of its activities in the Southern European market.
The loan funds are intended to increase the real estate portfolio of TAURO REAL ESTATE S.L. All properties included in it are leased to an operator in the rental and hospitality sector — one of the largest European tour operators, which offers high-quality apartments for short-term and mid-term rentals to tourists and business travelers across Europe, and provides professional management and hotel-level service.
The properties in Barcelona are located in the city center, near cultural and historical attractions, and generate stable income. One of them is a historic building, while the other two are new constructions. In total, they include 42 spacious apartments, 35 parking spaces, as well as several commercial premises on the ground floors, which are leased to cafes and other tenants operating in the food service sector.
“This deal confirms our readiness to support international investments and demonstrates our entry into the Spanish market. Rietumu Banka continues its strategy aimed at lending to businesses not only in Latvia but also in other European countries – providing financing for promising projects with reliable collateral and sustainable profitability. We highly value the experience of TAURO REAL ESTATE S.L. in the real estate sector, as well as the company’s focus on the rapidly growing tourism segment in one of the most popular cities in Spain. We look forward to developing cooperation in the future, supporting business in this country,” emphasizes the Chairman of the Board of Rietumu Banka, Elena Buraya.
The loan was granted following a successful international competition, as a result of which Rietumu Banka was selected as the lender.
“We are pleased to collaborate with Rietumu Banka, which supports our strategy for expanding investments in Barcelona. This partnership will allow us to continue developing our real estate portfolio, ensuring targeted business growth. Barcelona is currently one of the most interesting markets for real estate investments in Europe, and the rapidly growing scale of tourism stimulates demand for quality and well-thought-out offerings,” says Jacobo Perez, managing partner of TAURO REAL ESTATE S.L.
About TAURO REAL ESTATE S.L.
TAURO REAL ESTATE S.L. is part of the Globe Iberia Estates group, which manages numerous real estate properties in the Spanish market with a total value of 200 million euros. The group represents an investment platform supported by a family office and focused on long-term partnerships and portfolio growth in Spain. The mortgaged properties are only a part of the group’s extensive real estate portfolio in several cities in Spain.
About Rietumu Banka
Rietumu Banka is the largest Latvian bank with local capital and one of the leading banks in the Baltic region. The bank’s activities are aimed at servicing large and medium-sized enterprises in Latvia and other Baltic and European countries, as well as wealthy individuals. Rietumu Banka’s clients include companies operating in sectors such as green energy, food and other goods production, commercial and residential real estate, construction, import and export operations, logistics, trade, financial services, technologies, and other industries.
