Austrian Credo Real Estate starts project in Jurmala

18. Oktober 2006, 00:00

Austrian real estate company Credo Real Estate AG has taken a loan worth EUR 9.5 million from Nordea Bank and plans to...

Austrian real estate company Credo Real Estate AG has taken a loan worth EUR 9.5 million from Nordea Bank and plans to use the money to build a four-storey apartment block in Jurmala, on 53 Asaru Street.

The company will build exclusive residential apartments for the higher price segment on a plot it acquired in the Jurmala peninsula, at approx. 30 min by car to Riga centre. The block will have a total of 45 apartments, with an overall surface of 7,400 square metres, and an underground parking. The works should be completed in December 2007. This is the first real estate project of Austrian company in cooperation with a local bank.

“This is the first project in Latvia that is being developed in cooperation with the bank. In the nearest future we plan to start development of other properties and our investments will reach the amount of more than EUR 100 million,” said Gilbert Grill, Chief Investment Officer of Credo Real Estate AG.

“We are satisfied to cooperate with Credo. Reputation of the company and experience in project realization in other European cities, quality of work and approbated marketing concepts, already serves as a base for successful implementation of the project”, said Gustavs Eglītis, Head of Nordeas corporate department.

Credo also has another major real estate project in Latvia. The company has acquired a plot in Balozi, a small suburb of Riga (Capitol of Latvia), which can be reached by car in approx. 10 to 15 minutes. It is planning a residential development project of commercial application, just as preparing parceled allotments for proprietary development. The approx. 40 for sale standing parceled allotments are approx. 1,200 sq. m large and optimal for individual project development. Moreover, about 200 condominiums with an average of 100 sq. m living area will be constructed.

The new bridge being constructed over the Daugva (separating the city of Riga), with an estimated completion date 2007, in immediate reach to Balozi, gives the project a further competitive enhancement.

Credo Real Estate AG was created in 2003 through co-operation with Zwerenz & Krause AG and Constantia Privatbank AG. It develops, creates and operates market-driven real estate in the eastern growth markets of Central Europe.

The company has offices in Munchen Germany, Budapest Hungary, Prague Czech Republic, Warsaw Poland, and Moscow Russia, also partners in Romania, Bulgaria, Croatia, Slovenia and Ukraine.

Since 1994, when Credo started its investments in Central Europe, overall investments have reached EUR 1 billion.

www.credo-ag.at
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