Rietumu Banka granted EUR 6.5 million for renovation of Jugendstil building

Rietumu Banka provided a loan of EUR 6.5 million to SIA "FIBI 1" for renovation of historical building in the centre of Riga. The funds provided will be used for purchase and renovation of prominent Jugendstil building, as well as for increasing the company’s current assets.

The historical building located at 32 A. Čaka Street dates back to 1912, and it was then a rental house with commercial premises on the 1^st floor. This Art Nouveau (Jugendstil) building is a local architectural landmark.

"Investments in preserving cultural heritage are very important. Being the largest local bank in Latvia, we are convinced that it is essential to engage in restoration of the country’s cultural and architectural values. Nowadays, ensuring high-quality space for living is one of preconditions for overall urban development. Besides renovation of historical building, this project will also contribute to the further revitalisation of Riga city centre and the creation of a comfortable and convenient urban environment,” said Member of the Board and Head of the Lending Department of Rietumu Banka Artūrs Jukšs.

After the project completion, 84 high-quality fully finished apartments will be available for sale, including one-room (24 sq. m), two-room (40 sq. m), and three-room (60 s. m) flats. Commercial premises on the 1^st floor will be retained, keeping the multi-functional purpose of the building.

“Every building in Riga centre is worth high-quality renovation, making it a positive factor for the residents, businesses, and city visitors. Cooperation with Rietumu Banka allowed us to assess various aspects of project implementation with a team of experienced financiers and choose optimal solutions. This is a strategic step in our company growth, which will enable achievement of long-term objectives in the real estate market,” noted Member of the Board of SIA "FIBI 1" Vitālijs Fedulovs.

Using the financing provided by Rietumu Banka, SIA "FIBI 1" has already acquired this historical building and started the renovation. The construction works are performed by SIA "DBU".