Rietumu Banka provided financing of 5.95 million euros for the implementation of a development project at 9 Biešu Street in Riga. The loan was issued to SIA 'BI9', part of the Astor Group.
The funds are intended for the construction of two apartment buildings 'Bordo rezidences' in one of the most promising areas of Riga — Torņakalns. The implementation of this project will increase the supply of quality and energy-efficient housing in the capital.
Construction work is progressing according to schedule: the stage of erecting structures has already been completed, and a "rafter celebration" has taken place, with the commissioning of the facility planned for the end of 2026. In the new buildings of the complex, 74 modern apartments will be available to residents of Riga.
"Bordo rezidences" is an energy-efficient residential project with complete interior finishing, where modern architecture harmonizes with the historical appearance of the area. There will be apartments ranging from one to four rooms with balconies and terraces, triple-glazed windows, underfloor heating systems, and heat recovery ventilation. The complex will feature charging stations for electric vehicles, bicycle parking, a children's playground, and landscaped green recreational areas.
This is already the fifth major credit deal between Rietumu Banka and Astor Group, demonstrating the long-term nature of their partnership, which covers various segments of the real estate market — from hotel and commercial properties to residential projects.
"Torņakalns is one of the most dynamically developing areas of Riga, and the 'Bordo rezidences' project fits organically into this process thanks to its thoughtful concept and high quality standards. It is important for us to build long-term relationships with entrepreneurs who can think strategically and successfully implement their projects, and Astor Group has repeatedly confirmed this in practice. We are pleased to continue our cooperation," noted Arturs Jukšs, a member of the Board and Head of the Credit Management at Rietumu Banka.
"Our cooperation with Rietumu Banka began with financing a large hotel portfolio, then continued in the commercial real estate segment, and today we are jointly implementing projects in the residential real estate sector. This sequence is not accidental: mutual trust and a deep understanding of the specifics of the business allow us to work effectively and move confidently forward. 'Bordo rezidences' is our next step, and we are glad that Rietumu Banka is once again our financial partner," emphasized Robert Schlegelmilch, CFO of Astor Group.
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 focused on servicing large and medium-sized enterprises in Latvia and other Baltic and European countries, as well as wealthy individuals. Clients of Rietumu Banka 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, technology, and other industries.
About Astor Group
Astor Group is an international holding and investment company with over 55 years of history. In Latvia, the group has been developing real estate projects in various market segments for over 20 years. Its portfolio includes several hotels in Riga operating under the Radisson brands, as well as a number of successfully completed projects in the residential and commercial real estate segments.
