SEB banka has provided financing in the amount of EUR 16 million to refinance shopping centre Damme

SEB banka has provided financing in the amount of EUR 16 million to the company RCH Management, which owns the shopping centre Damme in Riga. Funding will be invested in refinancing existing liabilities.This is SEB banka's first transaction with the real estate investment company New Agenda Partners, which manages Norwegian capital in Latvia.

Ints Krasts, Member of the Board of SEB banka: “Although at present, in order to reduce the risk of Covid-19 spread, the operation of shopping centers is significantly limited, thus introducing changes in shopping habits and increasing the volume of e-commerce, we maintain a constructive view. We are assured that shopping centers with a good location and the goods and services customers need on a daily basis will remain relevant in the future.”

Joakim Blanking, Member of the Board of RCH Management: “Damme is a very well functioning retail centre with a strong positioning in Imanta. Also, during these challenging times Damme performs well, which is reflected by the stability among the tenants as well as the attractive financing by SEB banka. We highly appreciate the cooperation with SEB banka and look forward to a long and prosperous relationship in the years to come.”

Damme shopping centre opened its doors in the spring of 2011 and expanded in 2017. It is the largest shopping malls in Imanta and offers a wide range of shops and service providers.