Luminor provides half a million euros to Lion Estate SIA for renovation of building in Liepaja

Luminor Bank has issued a loan in the amount of 458,000 to the real estate company SIA Lion Estate for renovation of a residential building in Liepaja, Jauna Street 10. The allocated funding will cover 70% of the company's investments in the renovation of the building, and the project is planned to be implemented by mid-2022.

SIA Lion Estate is a company that specializes in real estate sales, building restoration and all types of construction works.

“The construction and real estate sectors are currently experiencing an intense workload. People are greatly interested in purchasing new housing, and currently the demand for apartments in new projects exceeds the supply. Customers' desire to buy a quality and modern housing can be seen not only in the capital, but also in the regions, however there has been a rather limited supply. By providing the funding, Luminor is pleased to contribute to the achievement of Lion Estate goals to further improve the urban environment in Liepaja and provide modern housing for its residents,” says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.

The renovated building at Jauna Street 10 will have 12 apartments with an area from 44 to 140 square meters each. So far, SIA Lion Estate has already completed the renovation of several buildings in Liepaja, for example, Strautu Street 6, Priezu Street 25, Klaipedas Street 16a, Kungu Street 63, Kungu Street 36 and Kungu Street 11, Uliha Street 11. The company offers apartments in renovated projects for both purchase and long-term rent.

“For us as a local company, it is very important to tidy up and restore the environment of Liepaja, giving the buildings a chance to live another life and making the city even more visually tidy than before. We have renovated several buildings to the full finish of the apartments and plan to continue this in the future. With the help of Luminor Bank, we plan to implement more ambitious projects, construction of new apartment buildings in Liepaja. So far, we have been doing the restoration work, but the loan for achieving the company's goals is an excellent support, we would certainly not be able to implement such ambitious projects, if not such a support,” says Māris Dambis, owner of SIA Lion Estate.

About SIA Lion Estate

SIA Lion Estate is a company founded in 2016. The company's team has been active in real estate and construction projects for many years. One of the company's main goals is to tidy up
and renovate old buildings in Liepaja. The company SIA Lion Estate is also engaged in the construction of private houses, replacement of roofing, interior works, insulation of buildings and territory improvements.

About Luminor

Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just as Estonian, Latvian and Lithuanian markets.