Luminor Bank Lends Nearly 38 Million Euros to Nordika’s Manager for Expansion Projects

12:55 14.06.2024

Luminor Bank has extended a loan of EUR 37.7 million to Nordika Prekybos Slėnis, the company that manages the Nordika shopping valley located in Vilnius, Lithuania. This substantial financial support will help refinance the company’s previous obligations of nearly EUR 10 million to another credit institution and fund the development of new projects.

Nordika Prekybos Slėnis is part of Summus Capital, an Estonian real estate holding that oversees 14 commercial real estate properties across Lithuania, Latvia, and Estonia. These properties span a total area of 218,000 square meters, with Summus Capital’s managed assets valued at EUR 429 million.

“We have a long-term partnership with Nordika, which allows us to understand each other’s capabilities and preferences very well,” said Vytis Žegužauskas, Head of Business Banking at Luminor. “Nordika’s well-thought-out concept, based on its convenient location and unique attractions like IKEA and Decathlon, sets it apart. The city’s development further enhances Nordika’s appeal, creating a unique ecosystem with the bypass, reconstructed airport, and the newly established AeroCity town. This environment fosters not only business and work opportunities but also high-quality living. We are proud to support the development of this significant project.”

Evaldas Čepulis, a member of the board of Summus Capital, expressed satisfaction with the growing collaboration with Luminor. “Additional financing will contribute to both the group’s development and the transformation of the Nordika shopping center, which will feature new and renovated stores this year,” he stated.

Opened in 2015, Nordika shopping valley is strategically located near Vilnius International Airport. The shopping center spans approximately 38,000 square meters and hosts over 60 stores, offering a variety of products and services.

About Luminor

Luminor is the leading independent bank in the Baltic States and the third-largest provider of financial services in the region. We cater to the financial needs of individuals, families, and businesses. Like our home markets—Estonia, Latvia, and Lithuania—we are young, dynamic, and forward-looking.