"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.
