Lords LB Baltic Green Fund (V) Real Estate Investment Fund Acquires BanksCitadel“the head office building in Riga, informs the bank.
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Lords LB Baltic Green Baltic Fund (V) aims to expand its investment portfolio in Riga, while Citadele Bank will focus on its core business by transferring the management of the office building to real estate professionals.
By signing this agreement with Lords LB Baltic Green Fund (V), we have implemented one of the largest real estate transactions in Riga. We started the process after the interest shown by several potential investors in the purchase of this office building, and with Lords LB Baltic Green Fund ( V) “reached in constructive negotiations,” says Kaspars Jansons, a member of the board of Citadele, adding that the location of the head office and branch of the Citadele group will remain the same. The bank will henceforth be the main tenant and will continue to serve customers in Republikas Square 2a.
The total area of the office building is more than 30,000 square meters, and it offers a panoramic view of Riga and the historical center. The building consists of four identical modules, between which there are roof gardens. The building has offices and meeting rooms of various sizes, as well as a conference center for events of up to 200 people.
“In recent years, we have repeatedly considered selling the head office building, recognizing that telecommuting will continue to increase and the bank’s office space will decrease. Seeing that there are several potential buyers, the bank decided this was the right time for the transaction.” Lords LB Baltic Green Fund (V) “We see it as a good partner to develop our future office needs. The deal will allow us to focus even more on core business, supporting the local community with financial services,” explains Johan Akerblom, CEO of Citadele.
It should be recalled that in March of this year, Lords LB Baltic Green Fund (V) also acquired a 22.7 thousand square meter IBC business center in Vilnius, the capital of Lithuania. “The strategic goal of the fund is to invest in environmentally friendly, sustainable and valuable real estate objects, balancing risks and profits. The business center acquired in Riga will strengthen our investment portfolio, creating long-term value for our investors,” says Mariuss Junda, Manager of LB Order LB Baltic Green Fund. According to him, the goal of the fund is to focus on investments in the capitals of the Baltic States, mainly by investing in already completed and profitable projects.
The closed-end real estate investment fund Lords LB Baltic Fund (V) is managed by Lords LB Asset Management. Founded in 2008, Lords LB Asset Management focuses on real estate and private equity investment strategies. The company currently manages 15 funds – 12 real estate, two private equity and one energy and infrastructure fund. At the end of June 2020, the total value of assets managed by the fund exceeded 605 million euros.
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