RIGA, Dec 8 (LETA) - Real estate development Baltlains plans to invest EUR 12 million in Albatross Home project in Kesterciems, attracting a loan from Citadele bank worth EUR 1.5 million, the bank reported.

The bank reported that Albatross Home project will cover a territory of 11 hectares with about 220 resort homes, a hotel, a swimming pool, SPA, restaurant, sports and recreational infrastructure. The project plans to renovate 11 two-storeyed and three-storeyed buildings in former summer camp Albatross.

Implementation of the project has been started in March 2020.

"Sales results exceeded our expectations - we sold out apartments of the first phase in a month. Our goal is to commission 50 apartments every six months," said Albatross Home representative Liga Lapsale

Baltlains was registered in 1994, and has a share capital of EUR 209,472, according to Firmas.lv. The company's sole owner is Targa Holding, but the beneficial owner is a Russian citizen.

In 2019, the company posted EUR 10.971 million in sales and EUR 3.823 million in profit.

Citadele bank is the second largest bank in Latvia by assets.