Luminor Bank grants 3 million euros for the development of a logistics centre in Ķengarags

Luminor has supported the development of a new logistics centre in Ķengarags by providing financing of 3 million euros to SIA Ķengaraga 10A and SIA Ķengaraga 10B. The funds will be used for business development and building construction.

The logistics centre will be strategically located on the bank of the Daugava near the Southern Bridge transport hub. The total area of the centre is 10,000 square metres, most of which has already been leased.

“As the infrastructure of Riga develops and improves, new logistics, business, shopping, and residential districts are being created, relieving the pressure on the city centre, while the Southern Bridge area and the development of transport interchanges works well for logistics. There is a demand for high-quality, energy-efficient and modern industrial, warehouse and office premises, as many of the existing ones are obsolete. Luminor is happy to support such projects with growth potential,” says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.

SIA Ķengaraga 10B and SIA Ķengaraga 10B are owned by two holding companies, SIA JMI and SIA DKB, with extensive experience in real estate development. Their largest real estate projects are the warehouse and office complex at 1 Vietalvas iela, renovated production unit at 3K Kurzemes prospekts, as well as the previously developed company Raunas ražotne.

“With the loan, we're able to develop a project of a single business park that has an existing production, warehouse and office building next to it. Tenants will have the opportunity to design the space according to their needs and requirements – it can be used as office, retail or production space, with easy loading or unloading of goods if needed. In addition, the nearby Southern Bridge provides easy access between between the neighbourhoods on the left and right banks of the Daugava,” says Andris Laizāns, CEO of SIA Ķengaraga 10A and SIA Ķengaraga 10B.

The two properties that will now form a unified business centre were acquired in 2018.

About SIA Ķengaraga 10A and SIA Ķengaraga 10B

Founded in 2018, SIA Ķengaraga 10A and SIA Ķengaraga 10B are owned by two holding companies, SIA JMI and SIA DKB.

About Luminor

Luminor is the leading independent bank in the Baltic States and the third largest financial services provider in the region. We provide financial services to individuals, families, and businesses. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.