Rietumu Banka has granted a EUR 16 million loan to the Spanish company TAURO REAL ESTATE S.L. to finance real estate investments in Barcelona.
This transaction is the first project in Spain, financed by Rietumu Banka, and is marking an expansion of the bank’s operations into the Southern European market.
The loan funds are intended for the expansion of a real estate portfolio, as part of a secured real estate financing structure.
All properties are leased to the rental and hospitality service provider – a major European touristic operator, which offers high-quality short-term and medium-term rental apartments for tourists and business travellers across Europe, providing professional property management with hotel-level services.
The Barcelona properties are located in the city centre, close to cultural and historical landmarks, ensuring stable income. Of the three properties, one is a historic building, while two are newly constructed. Altogether, the properties comprise 42 spacious apartments, 35 parking spaces, as well as several commercial premises on the ground floors, which are leased to cafés and food service tenants.
“This transaction marks the bank’s entry into the Spanish market and confirms our commitment to supporting international investments. Rietumu Banka continues to implement its strategy of lending not only to companies in Latvia, but also in other European countries, providing financing for promising projects with solid collateral and sustainable returns. We particularly value TAURO REAL ESTATE S.L. experience in the real estate sector and the company’s focus on the rapidly growing tourism flows in one of Spain’s most attractive and popular cities, and are ready to expand our cooperation in in the coming years, supporting future real estate investments across Spain,” emphasizes Jenena Buraja, Chairman of the Bord of Rietumu Banka.
The financing was awarded following a successful international tender process, in which Rietumu Banka was selected as the preferred lender.
“We are pleased to cooperate with Rietumu Banka, which supports our strategy of expanding investments in Barcelona. This partnership will allow us to continue developing our real estate portfolio, ensuring targeted growth and business expansion. Barcelona is currently one of the most attractive real estate investment markets in Europe, where stable and rapidly growing tourism drives demand for high-quality and well-conceived real estate solutions,” says Jacobo Perez, TAURO REAL ESTATE S.L. Managing Partner.
About TAURO REAL ESTATE S.L.
TAURO REAL ESTATE S.L. is part of the Globe Iberia Estates group, which manages numerous real estate assets in the Spanish market with a total value of EUR 200 million. The group is a family office-backed real estate investment platform focus on long-term partnership and portfolio growth in Spain. The pledged properties represent only a portion of the group’s extensive real estate portfolio managed across several cities in Spain.