SEB assigns 4.75 million euro loan for reconstruction of Telegraph Offices buildings

SEB bank has issued a 4.75 million euro long-term loan to Telegraph Offices Ltd., a part of Nordic and Baltic Property Group. This financing will be invested in renovating two adjacent Telegraph Offices buildings in Old Riga.

SEB bank has issued a 4.75 million euro long-term loan to Telegraph Offices Ltd., a part of Nordic and Baltic Property Group. This financing will be invested in renovating two adjacent Telegraph Offices buildings in Old Riga, Audēju street 15 and Kalēju street 48, and setting up retail and A-class office premises for renting out to companies.

This building previously housed offices of telecommunications company Lattelecom, and was purchased in an auction by NBP Group in 2017. In nearest future construction works to connect both buildings and full renovation will be started. After the works are finished, the ground floor and first floor will offer retail spaces and other floors will provide A-class premises for offices.

Jekaterina Kolosova, Managing Director of Nordic and Baltic Property Group in the Baltic States: "Over the last few years our company has made a number of investments in A and B class offices segment in Riga. For example, two years ago we successfully finished renovating an office building in Old Riga. We still see a stable demand for modern and professional offices in the centre of Riga and we can offer high-quality offices and professional services."

Ints Krasts, member of SEB Latvia management board: “There is a healthy demand in the market for good quality office spaces in the historical centre of Riga. Moreover, NBP Group's experience in his area gives us confidence that Telegraph Offices is a well-considered investment and this project will yield the planned returns.”

The total space of Telegraph Offices is approximately 3500 square meters. Office premises will take up around 3000 square meters, and retail space in the ground floor – around 500 square meters. Renovation works will be finished in 2019, and premises will be available for rent in summer of 2019.

During renovation, the building will be equipped with modern engineering solutions, climate control and ventilation systems and high-speed communications infrastructure.

NBP Group is a private investment firm whose total assets in Latvia amount to approximately 60 million euros. The group manages a number of other real estates in Riga: Astras business centre, NBP Central Offices in 13th January street 3, Unity Business centre and Business centre 117. NBP Group's strategy is managing long-term investments in Baltic countries, Finland in Russia.