OP Corporate Bank plc Grants EUR 21.96 Million for the Buyback of a DEPO Store in Vilnius
OP Corporate Bank plc Latvian branch has granted financing of EUR 21.96 million to the Lithuanian company “Jaunbumani” for the buyback of a DEPO store building in Vilnius. As a result of the transaction, the DEPO Group has regained ownership of one of its largest stores in the Lithuanian market.
The buyback was executed by exercising repurchase rights stipulated in previously concluded agreements. This enables the DEPO Group to retain full control over the property, which had originally been developed specifically for DEPO’s needs.
Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch commented: “This transaction demonstrates the DEPO Group’s focused approach to long-term development and strategic growth in the Baltic region. For OP Corporate Bank plc, it is essential to support customers at key stages of development—this time by strengthening DEPO’s position in the Lithuanian market. Through this transaction, we reinforce our long-term cooperation with one of the largest Latvian capital-based corporate groups.”
The DEPO store in Vilnius was initially developed by Jaunbumani UAB, a company within the DEPO Group. Following completion of construction, the building was sold to the French investment fund CORUM, which at the time acquired several DEPO stores in different Lithuanian cities. Approximately seven years later, the DEPO Group exercised its contractual buyback rights, financing the repurchase of the Vilnius store with support from OP Corporate Bank plc. The Vilnius store is one of the largest DEPO stores in Lithuania and plays an important role in the Group’s development strategy.
“We continue to invest in the Baltic market through active expansion. Our successful partnership with OP Corporate Bank plc provides a solid foundation for the development of our Group’s real estate projects in the Baltics. This supports the accessibility of DEPO stores for our customers. In line with its strategy, DEPO continues to develop a convenient shopping experience in modern, spacious stores, offering a wide assortment and solutions for home, garden, renovation, and construction at low prices every day,” said Viktors Baltrukovičs, Chief Financial Officer of DEPO.
DEPO entered the Lithuanian market at the end of 2016, introducing a new and positive dynamic to the do‑it‑yourself (DIY) retail segment.
About OP Corporate Bank plc Latvia Branch
OP Corporate Bank plc is the central bank of OP Pohjola, Finland’s largest financial services provider. It began operations in Latvia in 2012 and is currently one of the leading banks in Latvia in terms of loans issued to medium and large enterprises. OP Corporate Bank plc Latvia Branch provides financial services to leading companies in Latvia and plays a significant role in the long-term development of the country and the entire region.