Lords LB Special Fund V, the developer of the Preses nama kvartāls, has signed a general contractor contract with sustainable urban development and construction company YIT Lietuva to build the 1st stage of the new central business district in Pārdaugava.
Under the contract, the construction of the business centre and the multifunctional centre is set to begin in March and is scheduled to be completed by the second part of 2024. The total investment of the 1st stage of development of the project is estimated to reach more than 100 million euros.
“We are looking forward to developing the new innovative central business district in the heart of Riga, which will be one of the most modern business areas in the Baltics. I truly believe that our business district is the right location for entrepreneurs because we pay special attention to sustainability, combining cultural heritage, sustainable architecture and materials. Moreover, the project has excellent connectivity to one of the most important transportation arteries in Riga, and its diversified infrastructure will ensure convenient access to different functions one step away. For us, it is important to work together with the most demanding infrastructure and construction professionals. That is why I am pleased to conclude the agreement with YIT which is a significant and experienced construction company in North Europe. I believe that their experience developing similar projects and working principles will ensure smooth implementation of the project, according to the plans”, shares Giedrius Bernotas, Board member of Lords LB Asset Management and Fund manager of Lords LB Special Fund V.
“This business district is truly unique. It is a synergy of talent, business, social and cultural life across the country, opening up new perspectives in the very heart of Riga. The complex will be located in a rapidly developing area of the city, on the left bank of the Daugava River, which currently has huge potential. We are proud to bring all the know-how we already have to a project of this magnitude. In 2020, we built a 65,000 m2 Rimi Baltics logistics terminal in Riga, so this time we will apply advanced construction methods, adhere to our sustainability commitments, and strive to justify the trust that the client has shown in our company", says Kęstutis Vanagas, CEO of YIT Lietuva.
So far, in the construction process, the supporting structures and reinforced concrete structures of the multifunctional centre have been completed. The business centre's supporting structure is in the assembling process at the eight-story level.
About the Preses Nama Kvartāls
The development of the Preses Nama Kvartāls is planned in three stages. In the first stage, the 11-story Class-A business centre with an area of 26,000 m2 will be built, and there will be approximately 2,600 office spaces for employees. The business centre will meet the BREEAM certificate Excellent Standard and qualifies as a Near Zero Energy building. Through a glass atrium, it will be connected to the large multifunctional centre with an area of 40,000 m2, which will combine retail, sports, and medical services, dining areas, 300 guarded bicycle sheds, and three-level above-ground parking. The multi-storey car park will have a total of 1,000 parking spaces, including electric car charging stations. On the roof of the fifth floor of the multifunctional centre, there will be the first football field in the Baltics, next to which there will be green terraces and a cafe. The creator of the overall vision of the 1st stage of development and the multifunctional centre is the architect bureau Arhis Arhitekti. The business centre architect is Arrow Architects from Denmark.
The new central business district area is located close to the centre of Riga – a fifteen-minute walk from the Old Town. In addition, the adjacent developed public transport infrastructure will connect the area with all districts across Riga.
In parallel with the first construction phase, the design work of the second stage is underway and the construction of another multifunctional centre will start later this year, where a ten-storey office building with a modern educational institution will be built.
About YIT Lietuva
CJSC YIT Lietuva belongs to YIT Corporation which is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, infrastructure for smooth mobility, and renewable energy solutions to benefit the climate. We employ approximately 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Czech Republic, Slovakia, and Poland. In 2022, our revenue amounted to EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com
About Lords LB Special Fund V
Lords LB Asset Management is a premier provider of investment management services to institutional clients and high-net-worth individuals. Established in 2008, Lords LB Asset Management focuses on real estate and private equity investment strategies. The company currently manages these collective investments: 13 real estate funds, one private capital fund, one energy and infrastructure fund, and two investment companies. The total value of assets managed by the collective investments reached EUR 871.6 million at the end of December 2022.