Luminor bank has provided financing to EfTEN Capital in the amount of 1.2 million euros for the development of a new apartment project Ernestīne in Āgenskalns. The new residential building will have apartments for 20 families.

EfTEN Capital, the developer of the Ernestīne project, has extensive experience in the development and management of office, trade, warehouse, hotel, and residential building projects throughout the Baltics. The new Ernestīne house in Āgenskalns will have 20 modern apartments suitable for both families with children and young professionals.

“The time of the pandemic has made many people think about the importance of functionality, size and location of housing. The availability and quality of housing is one of the main challenges in Latvia, so we are pleased to support developers and builders in the conditions of the pandemic in order to expand the housing stock available to our residents. In addition, more and more people prefer to buy property in one of new projects. Luminor will keep helping residents to fulfil their dream of their own home and developers of residential buildings to realise their planned construction plans”,

– points out Uģis Počs, Luminor expert in real estate funding.

 The new project will offer 20 modern one- to three-bedroom apartments with an area from 35 to 94 m2. In the basement of the building there will be underground parking lots, the availability of which is often one of the most important factors when choosing a home. In addition, all kinds of city infrastructure are available next to the house, from convenient access to public transport, shopping, to universities, educational and medical institutions. The apartments are currently being reserved and the owners are expected to start occupying the new apartments in March 2022.

“The Ernestīne project will be part of the popular and rapidly developing district in Riga – Āgenskalns. With the changing perception of what a good and high-quality housing means, we have provided an answer in today’s tense rhythm to combine two important elements: the proximity of the city centre and nature. Residents of Ernestīne will have the opportunity to get to the centre of Riga in just a few minutes or enjoy peace, greenery, and silence after a long working day right here by the Māra pond or the Botanical Garden. We are pleased that Luminor Bank has also seen our vision of a quality and comfortable environment for both young families and professionals and will provide support in the implementation of the new apartment project”,

– Normunds Muskats, EfTEN Capital, Residential Stock Sales Manager. 

About EfTEN Capital:
EfTEN Capital AS is an asset management company founded in 2008 and specializing in commercial property investments in the Baltic States. The company manages EfTEN Kinnisvarafond AS, EfTEN Kinnisvarafond II AS and EfTEN Real Estate Fund III AS. The EfTEN Capital group of companies (EfTEN Capital AS with its subsidiaries), manages 45 commercial buildings with more than 900 renters. Total value of the managed assets exceeds 500 mn EUR. EfTEN Capital AS, founded in 2008, has been issued an alternative fund management license by the Estonian Financial Supervisory Authority.



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