Linstow receives EUR 76 million financing from SEB and Danske Bank

Linstow Group has received a long term syndicated loan of EUR 76 million from SEB and Danske Banke to refinance its liabilities in shopping malls Origo and Galerija Centrs. Each of the banks has contributed half of the total amount with SEB acting as the agent in this transaction.

Chairman of the board of SIA Linstow Center Management Frode Gronvold comments: „Urban inner city developments in Riga as well as other European cities become more important and complex with higher levels of requirements needed to satisfy guests and stakeholders. Therefore strong partnerships are of utmost importance for development of such significant projects, which Linstow has found in SEB Bank and Danske Bank.”

Head of Corporate banking at SEB Latvia Ints Krasts: "We are glad for this opportunity to expand our cooperation with Linstow by providing a very competitive long term financing facility. As of this deal we have become long term partners, thereby strengthening the good cooperation that exists between our companies in Norway and Estonia. Currently interest rates are at an ultra-low level and this is the right time for companies to attract financing for their investment plans or refinance their existing liabilities."

CEO of Danske Bank in Latvia Raivis Kakānis also expresses gratitude for deepening the cooperation with Linstow Group, a client of Danske Bank in other countries. "This is a large transaction for the scale of our Latvian branch, and we are delighted for Linstow's choice and their trust in Danske Bank".

Shopping mall development and real estate management company Linstow operates in Latvia for 19 years and currently manages five shopping malls: Alfa, Origo, Galerija Centrs, Mols and Dole. The total commercial area under Linstow's management in Latvia exceeds 230 000m2 and 329 000 in Baltics. Linstow is one of the leading real estate companies in Norway which operates in other countries as well.