Lords LB Asset Management Fund to invest more than €200m in Riga, project will be led by Aivaras Abromavicius.
Lords LB Special Fund V of the Lithuanian investment management company Lords LB Asset Management is going to invest more than €200m into the territory of former Press Chamber in Riga that was acquired for €16.8m from Latvian Shipping Company, owned by Vitol. That will be the largest office space development project in the Baltics and one of first steps of the company’s expansion in the region.
“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“, - says Domas Kacinskas, CEO at Lords LB Asset Management.
According to Mr. Kacinskas, there were two reasons behind such growth of the company’s investments portfolio. First of all, investors’ confidence is attracted by the high quality of real estate assets, developed in good locations and second, investors value highly transparent, reliably managed and properly supervised activities of the fund.
During the last three years assets, managed by Lords LB Asset Management, grew from €158m to more than €320m.
The project in Riga is in line with the company’s investment strategy, since the land plot is in an exceptionally attractive location. The surrounding territories will become the city’s main business area in the nearest future. There is convenient communication between the location and the city’s old town and the airport. The project will be led by Aivaras Abromavicius, former partner at East Capital, who has an extensive experience in investment management
“I have been investing in Latvia since 1996, when I worked at Hansabank, so I know the market very well. Currently Latvia’s economy is among the EU’s most rapidly developing therefore we see perfect opportunities on the Class A office space market. The project will be the largest office space development project in the Baltics”, - says Mr. Abromavicius, Chairman of the Supervisory Board of this project.
