Bigbank has granted a loan of EUR 5.3 million to the Lithuanian real estate development company Kaita Group, representatives of the bank have told the LETA news agency.
The Kaita Group will use the loan to finance the development of Youston, which is planned to be a co-living space for young people at Krisjana Valdemara Street 38 in Riga.
The building will feature private flats with shared facilities such as a gym, a sauna, meditation rooms, a cinema, a reading room, a communal dining room and co-working options.
The renovated 174-flat project in downtown Riga is expected to open in mid-2025.
The Kaita Group has built similar complexes in Prague and Vilnius and is currently in the process of building another one in London. Investments in Youston projects have amounted to EUR 95 million so far.
Bigbank is an Estonian bank with branches in Finland, Sweden, Latvia, Lithuania and Bulgaria, with transfrontier services provided in Austria, Germany and the Netherlands.
Source: BNS
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