Luminor Provides EUR 17 Million In Financing For Four Commercial Projects Developed By Companies Managed By AB Tewox

Luminor Bank will provide up to EUR 16.98 million in financing for grocery store projects developed by companies managed by investment company AB Tewox in Vilnius, Klaipėda, Dituvos village in Klaipėda District, and for already completed retail park in Utena. The tenants of the properties in Vilnius, Dituva and Utena are stores of the IKI retail chain, while the Klaipėda project will be leased to Lidl. The total additional leasable area of the developed properties will amount to nearly 11,000 sq m.

The largest of the four financed projects is a nearly 5,000 sq m retail park in Utena, which includes the second IKI store in the city. Other tenants, Žalioji stotelė and the fashion retailer Sinsay, will open to customers in the first quarter of this year. The total value of the retail park project is approximately EUR 8 million, and the project is seeking a BREEAM Excellent sustainability certification.

The Lidl store under construction in Klaipėda will have an area of approximately 2,100 sq m, while the IKI stores being developed in Dituvos village (Klaipėda District) and on Burbiškių Street in Vilnius will have areas of approximately 2,000 sq m and 1,800 sq m, respectively. All three projects are scheduled for completion in the first half of this year.

Luminor Bank has also supported Tewox in implementing a EUR 35 million bond issuance programme, which is listed on the Nasdaq Baltic Bond List.

Contact person for further information:

Paulius Nevinskas
Manager of the Investment Company
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