It will be the largest office development in the Baltics and will be built on a 5.8 hectare site acquired from Latvian Shipping Company for €16.8 million.
The €200 million investment will be made through the Lords LB Special Fund V. The fund’s initial size will be €20 million up to a maximum of €40 million.
Active over eight years, more than €200 million will be invested in the fund, to be spent over several phases. Investors from Sweden, Denmark and the Baltic states are participating in the project
Domas Kačinskas, CEO at Lords LB Asset Management, said: “With consistent growth of our funds’ assets, we search for new investment directions. The project in Riga is one of the first steps in expansion of our real estate investments’ geography. This is our first commercial real estate development investment outside Lithuania.”
Assets managed by Lords LB Asset Management have grown from €158 million to more than €320 million over the last three years.