Luminor joined hands with major property company to bring its loans back to Estonia
Luminor granted a loan of 85 million euros to major real estate development and management company Capfield OÜ for bringing its existing loans back to Estonia. According to Luminor Head of Corporate Banking Monika Kallas, Capfield, which owns several large shopping centres in Estonia, is in a strong shape and has coped well with the current situation caused by the coronavirus.
Estonian-based commercial property company Capfield OÜ will mainly use the loan granted by Luminor for paying back an earlier loan received from Nordea bank. Capfield’s loan is backed by the company’s portfolio of shopping centres with a total value of up to 183 million euros.
Luminor Head of Corporate Banking Monika Kallas said that this is a strategically important real estate segment for Luminor. “Capfield’s market position is strong despite the coronavirus pandemic. Their centres are in good shape and in excellent locations and they have a diversified portfolio and strong anchor tenants,” said Kallas. “Supporting companies continues to be one of Luminor’s priorities and through Capfield we also indirectly support the tenants in their shopping centres.” In addition to the loan, the company is also offered a full set of Luminor banking services.
Ruben Gornischeff, Manager of Capfield, is happy that they have earned the trust of one of the leading banks in Estonia and considers the centres managed strong and sustainable even in the current turbulent market situation. “The strength of Capfield’s portfolio has passed a thorough test with the issuing of this loan, which shows that we have made the right decisions via active management of our centres. It is also a sign of trust in our tenants, whose strength and commitment is highly valued by both us and Luminor.”
Estonian-based Capfield OÜ develops and owns commercial real estate and its portfolio includes Tondi Selver, Lasnamäe Bauhaus, Pärnu Maxima XXX, Mustakivi Prisma, Nautica Keskus and Lasnamäe Centrum. The gross rentable area of the centres amounts to more than 80,000 square metres. 65 % of the portfolio consists of large anchor tenants, which include well-known local and international trademarks such as Bauhaus, Maxima, Prisma, Rimi, Selver, SportsDirect, Apollo book stores and many others.
Luminor is the third-largest provider of financial services in the Baltics, with 940,000 clients, 2,500 employees and a market share of 16 % in deposits and 18 % in lending as at the end of March 2020. The bank’s total shareholders’ equity amounts to 1.6 billion euros and it is capitalised with a CET1 ratio of 20.5 %.