Rietumu Bank has granted a EUR 5.95 million loan for a real estate development project located at 9 Biešu Street in Riga. The financing has been provided to SIA “BI9”, a company within the Astor Group.
The funding will support the construction of two multi-apartment residential buildings as part of the “Bordo Rezidences” project, which will comprise a total of 74 modern apartments. Located in Torņakalns, one of Riga’s most promising and rapidly developing neighbourhoods, the project aims to expand the city’s supply of high-quality, energy-efficient housing.
Construction is progressing according to schedule. The traditional topping-out ceremony has already taken place, and the project is expected to be completed and commissioned by the end of 2026.
“Bordo Rezidences” is an energy-efficient residential development offering fully finished apartments and combining contemporary architecture with the historical character of the surrounding neighbourhood. The project includes one- to four-bedroom apartments featuring balconies or terraces, triple-glazed windows, underfloor heating, and heat recovery ventilation systems. Residents will also benefit from electric vehicle charging stations, bicycle storage facilities, a children’s playground, and landscaped recreational areas.
This marks the fifth major financing transaction between Rietumu Bank and Astor Group, further demonstrating the long-term partnership between the two organizations. Their cooperation spans multiple real estate segments, including hospitality, commercial properties, and residential developments.
“Torņakalns is one of Riga’s fastest-growing districts, and Bordo Residences is a project that contributes to this development through thoughtful planning and high-quality standards. Our priority is to build long-term relationships with entrepreneurs who are able to think strategically and successfully execute their vision, and Astor Group has demonstrated these qualities time and again. We are pleased to continue our cooperation,” said Artūrs Jukšs, Member of the Management Board of Rietumu Bank and Head of the Credit Division.
“Our cooperation with Rietumu Bank began with the financing of a substantial hotel portfolio, continued in the commercial real estate segment, and has now expanded into residential property development. This progression is no coincidence — mutual trust and a shared understanding of business fundamentals enable us to work efficiently and with confidence. Bordo Residences is our next step forward, and we are delighted to have Rietumu Bank once again as our financing partner,” said Roberts Šlegelmilhs, Chief Financial Officer of Astor Group.
About Astor Group
Astor Group is an international holding and investment company with more than 55 years of experience. In Latvia, the group has been developing real estate projects across various market segments for over 20 years. Its portfolio includes several hotels in Riga operating under the Radisson brands, as well as a number of completed residential and commercial real estate projects.