TGS Baltic represented E.L.L. Real Estate, the owner of shopping mall Spice, in signing of the loan agreement for the amount of EUR 40 million

Andra Rubene, Partner and Head of M&A Practice Group in Latvia, Linda Štrause, Head of Baltic Corporate and Commercial Practice Group, and Māris Liguts, Senior Associate, member of the Banking and Finance Practice Group in Latvia, represented E.L.L. Real Estate, the owner of the shopping mall Spice, in signing of one of the most significant loan agreements with SEB bank in the Baltics in the recent years for the total amount of EUR 40 million.

E.L.L. Real Estate will use the loan for re-financing of its current obligations and development of new projects in the Baltics. The loan agreement is signed for a period of 5 years.

Viktors Bolbats, Head of the Real Estate Financing department of SEB bank, considers that „Taking into account the current situation with commercial real estates in Latvia, the granted financing in the amount of EUR 40 million is a significant transaction.”

The main area of operations of E.L.L. Real Estate is development of the real estate projects in the Baltic states by fulfilling the functions of the real estate developers, investors and managers. The company is engaged in development and management of commercial real estates, hotels, commercial and office buildings, as well as production real estates. E.L.L. Real Estate owns 5 shopping malls in the Baltic States. In Tallinn E.L.L. Real Estate owns Viru centre, in Riga Spice and Spice Home shopping malls and in Lithuania its investment portfolio consists of Panorama shopping mall in the centre of Vilnius and Saules Miestas shopping mall in Šiauliai.

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