Citadele Bank

Citadele is financing modern office building in Tallinn with 30 million euro

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Citadele Bank and high-rise building Skyon developer Capital Mill signed a long-term financing agreement of 30 million euros. The purpose of the loan is to refinance the loan for the construction of the Skyon and to finance other development activities of Capital Mill.

The Skyon high-rise was completed in August last year and was awarded the highest international certificate (LEED Platinum) for energy efficiency. The LEED certificate is an internationally recognized certification system developed by the US Green Building Council. To earn the certificate, a building can get points in five different areas: sustainable construction, water efficiency, energy efficiency, materials and resources, and indoor environment quality.

Kaarel Loigu, CEO of Capital Mill: “The Citadele loan will first refinance Skyon's construction loan and the rest will be used to finance the groups other investments. "We have set ourselves the goal of creating good living environments that are sustainable also in the future. The cooperation with Citadele has been extremely business-accommodating and we are pleased to say that they came along with our ambitious plans, being very cooperative and solution-oriented. Like us, Citadele is strongly represented in all Baltic countries. In the future, we want to put more emphasis on real estate projects also in Latvia and Lithuania in order to increase Capital Mill's portfolio in these countries,” Loigu explained.

Skyon, with its outstanding architecture and design, was quickly booked fully with tenants, including several companies from the IT, legal, financial and other industries. Among them Tuum, BaltCap, the Estonian Banking Association and Capital Mill themselves.

"We are extremely proud of Skyon because we have succeeded in creating here technological solutions that support environmental protection and energy saving. The LEED Platinum certificate is also a proof that we have moved in the right direction, being innovative and bold in fulfilling our goals,” said Kaarel Loigu. According to Loigu, such achievements increase the value of real estate and give reassurance to the client and the public that the high requirements set for the building have been met.

Smart energy solutions and a distinguished exterior design allow Skyon to save a significant amount of energy that would otherwise be generated by a similar high-rise building. There are places for employees to charge their electric cars, bicycle parking and a time tracking system in the stairwell that motivates people to walk and even creates a competitive moment between them.

Vaidas Žagūnis, Citadele Board Member and Head of Corporate Banking in the Baltics, noted that strong Citadele presence in the Baltics helps us to serve such clients as Capital Mill in the way they require and expect from their financial partners. "Our key asset is an individual approach and local expertise in providing financial services. As a bank, we highly value the professionalism of Capital Mill, which has strong knowledge of the entire sector," said Žagūnis. "We see that Capital Mill has a great vision, not only in Estonia but throughout the Baltics, and we are very pleased to be part of their development plans.”

Capital Mill is a company founded in 2008 that focuses on investing in commercial buildings in the Baltics. During the company's time of operation, a total of 400 million euros of investments of has been made.

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