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International Internet Magazine. Baltic States news & analytics Tuesday, 28.05.2024, 23:11

British One Baltic invests EUR 40 mln in Latvia in 2011

Nina Kolyako, BC, Riga, 15.02.2012.Print version
British company One Baltic Investment Group (One Baltic) has invested around EUR 40 million into properties in Latvia, as One Baltic Managing Director Jurijs Usenins says in an interview with the Nozare.lv business portal.

One Baltic continues to follow market developments and will continue to buy new apartment and office buildings, however, no exact investment plans have been set for the near future, said Usenins.

 

The company has bought office buildings on Terbatas Street and Vienibas gatve Street, apartment buildings on Raina Boulevard and Kaivas Street, "Wagner's Residence" complex on Vagnera Street, and a building on Zeltritu Street in Marupe, writes LETA.

 

The purchase of an apartment building with 353 apartments at 50 Kaivas Street in Riga for EUR 15.6 million from Swedbank Group's property management company Ektornet is One Baltic's largest purchase in Latvia so far.

 

"Now we are looking at new offers, but those are few. One of proposals currently considered by One Baltic is building a complex of apartment and office buildings and a hotel – 50,000 square meters in area. One Baltic could participate in such a major project as an investor, in cooperation with a local Latvian developer," explained Usenins.

 

One Baltic, in conjunction with some of the local construction companies, could decide to build a new apartment building if the total value of such a project would be EUR 5-7 million.

 

One Baltic was established slightly more than a year ago for investing in post-Soviet Union countries. The company has several projects in Ukraine, property markets of Kazakhstan and Azerbaijan are being considered, but no investments have been made into these countries as yet, and no such investments are planned in the near future, added Usenins.

 

British company One Baltic Investment Group specializes in investments and real estate development. The company's focus is on rapidly-growing regions with significant demand for apartments and office space.

 






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