VILNIUS – The Nordic banking group Swedbank's banks in Lithuania and Latvia have issued a syndicated loan of 60 million euros for real estate developer Hanner's real estate project in Riga.
Jauna Teika, a new-concept commercial and residential complex, is Hanner's largest project in Latvia, with a total investment value exceeding 140 million euros, Swedbank said in a statement.
The Jauna Teika project is under development in the Riga area with the highest concentration of IT professionals and IT companies in the region. This area accounts for at least 43 percent of Latvia's IT services exports.
The projects is scheduled to be completed as early as this year through the creation of over 6,000 jobs and providing accommodation to more than 800 families.
More than 25 companies have already expressed their interests in the Jauna Teika project. The project's office segment will include Teikums, a co-working space, and three usual offices spaces for Latvian startups as well as known Latvian and international companies.