RIGA, Dec 14 (LETA) - Luminor Bank has issued a loan in the amount of EUR 458,000 to the real estate company Lion Estate for renovation of a residential building in Liepaja, LETA learned from the bank. 

The allocated funding will cover 70 percent of the company's investments in the renovation of the building, and the project is planned to be implemented by mid-2022.

Lion Estate is a company that specializes in real estate sales, building restoration and all types of construction works.

The renovated building at Jauna Street 10 will have 12 apartments with an area from 44 to 140 square meters each. So far, Lion Estate has already completed the renovation of several buildings in Liepaja. The company offers apartments in renovated projects for both purchase and long-term rent.

Lion Estate is a company founded in 2016. The company's team has been active in real estate and construction projects for many years. One of the company's main goals is to tidy up and renovate old buildings in Liepaja. The company Lion Estate is also engaged in the construction of private houses, replacement of roofing, interior works, insulation of buildings and territory improvements.

Lion Estate generated EUR 509,156 in turnover in 2020 and earned EUR 319,237 in profit, according to Firmas.lv.

The company's share capital is EUR 2,800 and its sole owner is Maris Dambis.

The Latvian branch of Luminor Bank is the fourth largest bank in Latvia by assets.