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SIA "I18" received 0.9 million euro loan to develop a warehouse and industrial center on Ilzenes street

Industra Bank has granted loan to SIA "I18" in the amount of 900 thousand euros for the purchase of real estate intended for commercial use in Riga, Ilzenes street 18. The property includes a land plot with an area of more than 40 thousand square meters and twenty-five buildings with a total area of slightly more than 12 thousand square meters. SIA "I18" plans to invest more than one million euros within the next three years in the improvement of the existing buildings and infrastructure to turn it into a modern and professional warehouse and industrial center.

The buildings are morally and physically outdated, and they need to be renovated and rebuilt to create energy-efficient warehouse and industrial premises with all the necessary infrastructure, as well as to use the territory more rationally. The purpose of the changes is to create an efficient and accessible environment for performing competitive logistics, production, trade, and other commercial activities, primarily for medium and small companies.

Aleksandrs Rabkins, member of the board of SIA "I18", states: "SIA "I18" is a new project of an experienced real estate management team, which has already implemented a similar investment project in the commercial real estate area in Riga. The successful previous experience and the achieved financial results when developing the business park at Jūrkalnes street 1 allowed to attract capital and bank financing for the implementation of a new business idea. In my opinion, this object has the most important things – perspective location, convenient access and a large enough area for further development of the complex – while we – the management team – have considerable experience in the development of such properties."

Raivis Kakānis, CEO of Industra Bank: "Currently, the real estate sector is quiet under the influence of rising interest rates and general uncertainty. However, as we have frequently emphasized, it is always important for entrepreneurs to see and be bold enough to take advantage of business opportunities, if their viability has been carefully weighed. The territory purchased by SIA "I18" has not experienced changes for a long time, so in the hands of a skilled owner it has a huge potential to become a modern, comfortable, and sought-after warehouse and industrial center. We are pleased with the opportunity for Industra Bank to participate in the implementation of this project."

About Industra Bank:  
Industra Bank is a Latvian credit institution established in 1994 with 21.4 thousand customers - one thousand four hundred legal entities and 20 thousand individuals. The bank was founded by local entrepreneurs and focuses on serving Latvia's small and medium-sized enterprises. For the convenience of its customers, the bank offers eight service centres - four of them in Riga, and the others in Daugavpils, Liepāja, Ventspils and Jelgava.
 

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