Deglava Painters Residence includes two 10-storey residential buildings totalling 152 apartments, and has just celebrated the completion of its roof gable. The project, financed at 6 352 767 EUR by AS Expobank, is slated for commissioning in April 2022, with the first keys being issued to apartment owners in September next year. The project is being implemented by diversified construction company MONUM based on an assignment by Electra group subsidiary KSIA “Unico”.

The Deglava Painters Residence project includes apartments, parking and storage rooms, a green area and playgrounds; window installation works have already begun and will be followed by finishing works. In addition, bicycle parking, a recreation area and a sports area are planned. The new apartments are designed in accordance with market trends and the international experience of ELECTRA company, so that each apartment has an ergonomic layout and the maximum number of rooms. The apartment sizes will range from 29 m2 to 87 m2.

Notes Deglava Painters Residence sales manager Žanete Balode: “The completion of roofing for both buildings and the gable day celebration are a major cornerstone in the process of construction. This is the time we thank our builders for their accomplishments so far and inspire them to finish the rest of the works on time. There is a lot to do here, with six buildings to be erected according to an overall roadmap – details on commencing the other four buildings will be available in January.”

 “The Deglava Painters Residence is an excellent example of what happens when an entrepreneur capable of securing financing with skill meets a clever lender that knows when to trust a client. We are happy to see the project progressing at a stunning pace,”

adds AS Expobank member of the board Vasilijs Karpovs.

Heat-intensive materials are being used in construction, which means that the energy efficiency of the building will reach level A and heat losses will be close to zero. The apartments will be equipped with individual heat energy meters, which together with Class A energy efficiency will significantly reduce heating bills.

KSIA “Unico” is a subsidiary of Electra Group. Its extensive international portfolio includes a wide variety of complex projects that currently span 17 countries across 4 continents..  Established in 1945, and publicly traded on the Tel Aviv Stock Exchange since 1971, Electra operates with a multidisciplinary approach that draws on the unique synergy existing between its subsidiaries. The group, which operates in both the public and private sectors, has established a proven reputation for developing, planning, and constructing multiple high-profile development projects, from residential, industrial and hi-tech buildings to hospitals, municipal companies, state infrastructure projects and more.

AS Expobank is one of the oldest banks in Latvia, established in 1991 and celebrating the 30th anniversary this year. At the beginning of 2019, the Bank completely changed its operating strategy and introduced a new business model, starting to increase its market share in the Latvian financial market. This marked a new development start of the Bank, which envisages a competitive financing offers to corporate clients, term deposits for individuals, brokerage services, as well as introduction of innovative financial technologies.


For more information please contact
Anna Andina
Head of PR and marketing at AS Expobank

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