Banks, Financial Services, Good for Business, Latvia, Real Estate

She also informed that the first stage of the development project is expected to cost EUR 5.5 mln and the project’s total cost estimate is EUR 21 mln. The residential project is being developed by Dvalcomm Group, a member of Astor Group.

Two residential houses with 72 apartments, 55 to 130 square meters large, will be built during the first stage of the IRIS Shampeteris Apartments project. The first apartment house with 24 apartments is scheduled for completion at the end of February this year, and the second building with 48 apartments should be ready by the beginning of the summer.

The project includes four stages providing for construction of several residential buildings with some 300 apartments.

Astor Group, which specializes in real estate development, has built more than 30,000 residential and commercial buildings in various countries of the world. In Latvia, the developer has invested in large residential and commercial projects like construction of shopping centers, hotels and food plants, as well as in IT projects.

According to information available at Firmas.lv, Dyalcomm Group belongs to Israeli citizen Tsipora Rubanenko (50%) and Russian citizens Georgy Isayev (22.01%), Vladimir Breyer (9.99%), Yuri Ridzel (9 %) and Pavel Iglin (9%).

At the end of September 2018, Citadele was the fourth largest bank in Latvia by assets.