SEB banka to finance the development of the project Divi Krasti of nearly 6 million euros

SEB banka has entered into an agreement for the provision of financing to SIA K8 Residences in the amount of 5.9 million EUR to enable the company to develop a new residential building project in Ķengarags. The obtained financing would be used for construction and development of the project Divi Krasti (Two shores).

As part of the project Divi Krasti, the project developer K8 Residences, the subsidiary of the Kaamos Group based in Estonia would build two new five-storey residential houses with 132 apartments.

Ints Krasts, Member of the Board of SEB banka: “Kaamos Group, which includes SIA ”K8 Residences”, is a long- standing counterparty of SEB. Together we have been successful in developing various real estate projects in Estonia. We are pleased that in the current rather challenging market conditions, the company is willing to continue the development of its projects in Latvia, where the need for top-quality and energy-efficient housing is clearly obvious.”

Armands Buks-Vaivads, Member of the Board of Kaamos: “For 17 years, the Estonian capital company Kaamos Group has been successful in designing and building energy-efficient houses, office buildings as well as developing conceptual residential areas. The experience gained, the loyalty of its customers and counterparties has contributed to the company’s development and entry into the Latvian market. We highly appreciate cooperation with SEB banka in Latvia. Owing to its support, a new economic segment residential housing (the project Divi Krasti) will soon be available in Riga with amenities and advantages characteristic to a business class project.”

K8 Residences is a Latvian subsidiary of Kaamos Group based in Estonia. The principal business of Kaamos is real estate development, construction and timber processing. In Latvia, the Group is engaged in developing residential property.