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Friday, 26.04.2024, 16:00
Lithuania's Lords LB Asset Management may invest in Riga
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"The project in Riga is one of the first steps in the expansion of the
geography of investments. This is the company's first investment in development
of commercial real estate outside Lithuania," Domas Kacinskas, CEO of Lords LB Asset Management, said in a press
release.
The company has not yet disclosed what it plans to build in a 5.8 ha land
site with buildings close to the Vansu bridge in central Riga, which it
purchased last week. The fate of the former press house and printing house will
be established after approval of the land site's development concept.
The project will be headed by Aivaras
Abromavicius, former partner with East Capital. In his words, the project
will change the face of the Latvian capital, give start to a modern business
district and attract foreign investments, which will create new jobs.
The project involves investors from Sweden, Denmark and the Baltic states.
In early June, LASCO Investment,
a subsidiary of Latvijas Kugnieciba
(Latvian Shipping Company), reportedly sold an administrative building in Riga
to a Latvian company, PN Project, controlled by Lithuania's investment company
Lords LB Asset Management in a deal worth 16.8 million euros.
Soviet-built Preses Nams is one
of the Latvian capital's highest buildings. It previously housed media
organizations.
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