Financial Services, Good for Business, Investments, Latvia, Real Estate, Transport

The Soviet-era high-rise has been sold for EUR 16.8 mln.

“As a socially responsible company we are delighted that Preses nams has been acquired by a company with significant real estate experience and we very much look forward to witness the redevelopment of the site over the coming 5-10 years,” said Latvijas Kugnieciba CEO Robert Kirkup.

The key owner of Latvijas Kugnieciba is Vitol Group with a 69.56% stake in the company.

Latvijas Kugnieciba is vessel owner in the segment of medium and handy size tankers. The company owns 16 modern vessels employing more than 1,300 professional and high-skilled seamen from Latvia. Besides, LASCO subsidiary LSC Ship Management is technically operating 9 more vessels, thus managing a fleet of 25 vessels. The average age of the LASCO fleet is 9 years. All of the vessels have received ISM (International Safety Management) certificates.

Lords LB Asset Management is an investment management company licensed by the Bank of Lithuania that has been providing services to institutional and private investors since 2008. In total, Lords LB Asset Management manages 13 funds, including eight real estate funds, three private equity funds, and two energy and infrastructure funds. Total value of the assets under management of the fund amounted to EUR 310 million at the end of December 2016.

PN Project was registered in April 2017. The company has a share capital of EUR 2,800. Lord LB Asset Management owns 80% in the company, while the remaining 20% belong to Lithuanian company Investiciju Sistemos.