SEB banka has granted financing of EUR 9.9 million to Estonian property development company Kaamos. The financing is for the construction of the residential project Moho Park in Mežaparks, where investments will total EUR 15 million. The project provides for the construction of two twelve-storey buildings with 154 apartments. According to the plans, the first apartments will be handed over to buyers in early 2023. This is the second project of Kaamos in Riga financed by SEB banka.
Moho Park (“mo-ho” standing for “modern homes”) is a new housing project in Mežaparks, the construction of which started this summer. The project aims to combine modern design with high energy efficiency and a healthy indoor climate. Energy efficiency – nearly zero-energy buildings – is ensured by roof-mounted solar panels, triple-glazed windows, underfloor heating and recuperative ventilation in each apartment to create a healthy microclimate. Residents will also have access to charging stations for electric cars.
Ints Krasts, Member of the Management Board of SEB banka: Kaamos Group is a long-standing business partner of SEB, with whom we have been successful in developing a number of real estate projects in Estonia. This is the second project in Riga. The company follows very high construction quality standards and carries out energy-efficient residential and office construction projects. We are pleased with the company’s desire to continue project development in Latvia, where we continue to see a need for high quality and energy efficient housing stock. According to a survey conducted by SEB this summer, 73% of the population would pay close attention to the cost of housing, heating and electricity when moving to a new place of residence. It is therefore important that this demand is supported by a corresponding supply.
Guntars Cauna, CEO of Kaamos in Latvia: Moho Park is a significant project for Kaamos Group as these buildings meet all future demand requirements. Practically all the solutions embedded in the project already represent quality standards in the projects carried out by Kaamos in Tallinn. From the client’s point of view, we offer a future-proof product that will be sustainable for many years to come. There is an increasing emphasis on reducing emissions both during and after the construction of a building. Every apartment also has a life after the initial sale, so our customers, whose interest and sales activity is higher than expected, greatly appreciate these sustainable solutions. This autumn, at the conference organised by SEB banka, there was a lot of talk about the impact on the environment and the growing need to think “greener” also in the construction sector. We are pleased that SEB banka is our partner in this project as well. This means that we are on the same wavelength as we continue our long-term cooperation.”
Kaamos Group is an Estonian company founded in 2002 and engaged in property development, construction, wood processing services, and green energy and investments in start-ups. The Group’s companies operate in Estonia, Latvia and Belarus, employing over 370 people. The trust of customers and counterparties has contributed to the company’s growth and entry into the Latvian market in 2019 with the implementation of the Two Shores project in Kengarags.