The developer of “Preses Nama Kvartāla” “Lords LB Special Fund V” has signed a general contractor agreement with sustainable urban development and construction company “YIT Lietuva” for the construction of the first phase of the new central business block in Pārdaugava.
According to the signed contract, the construction of the business center and multifunctional center is expected to start in March and be completed in the second half of 2024.
The total investment of the first phase of the project is estimated at more than 100 million euros.
Db.lv already reported that in March 2021, the project developer Lords LB Special Fund V and JSC UPB signed a contract for the construction of the 1st phase of the Press House block. The construction costs of the first phase were estimated at 76.8 million euros.
The representatives of the developer Db.lv state that the previous general contractor agreement with UPB has been terminated and currently Lords LB Asset Management board member and Lords LB Special Fund V fund manager Giedrius Bernotas refrains from providing additional information about the termination of this agreement.
Also at UPB Days for Business stated that according to the agreement, the reasons for the termination of the contract will not be commented on.
“With full capacity, we continue to develop a new and sustainable block on the left bank of the Daugava, which will be one of the most modern and innovative business blocks in the Baltics. I truly believe that this is the right place for a successful business because we have paid special attention to sustainability and developed infrastructure. The architecture of the project and the materials used in the construction will ensure the highest energy-efficient and sustainable management of the buildings. In addition, the location of the block and the functions combined in one place will allow entrepreneurs and their employees to efficiently plan their resources and time. It is important for us to work together with the best construction professionals in the implementation of the project, so I am pleased with the signed contract with “YIT”, a prominent and experienced construction company in Northern Europe. Their experience in the development of similar projects and their work ethic will certainly ensure the realization of the first phase of construction according to the project plans,” comments G. Bernotas.
“This complex is truly unique. It is a synergy between talents, business, social and cultural life, opening new perspectives in the very heart of Riga. The new quarter will be located in a rapidly developing area of the city, on the left bank of the Daugava, which currently has enormous potential. We are proud to bring all our knowledge and skills to bear when working on projects of this scale. In 2020, we built the “Rimi Baltic” logistics terminal in Riga with an area of 65,000 m2, and in this project we will use even more advanced construction methods, adhere to the principles of sustainability and try to justify the client’s trust in our company,” says Kęstutis Vanagas, “YIT Lietuva” chairman of the board.
So far, in the construction process of the multifunctional center, all concreting and main supporting structure works have been implemented, and the construction of the roof of the building has been completed. On the other hand, the assembly of the large structure of the business center building was completed at the level of eight floors.
The development of “Press House Quarter” is planned in three phases. In the first phase of construction, an 11-story A-class business center with an area of 26,000 m2 will be built, and there will be approximately 2,600 employees in total. The business center will meet the standards of the international BREEAM certificate “Excellent” and almost zero energy building. The office building is connected to a large multifunctional center with an area of 40,000 m2, which will combine retail, sports and medical services, a large dining area, 300 guarded bicycle parking spaces and a three-level surface parking lot. A total of 1,000 parking spaces will be available in the parking lot, as well as charging stations for electric cars. The first football field in the Baltics is being built on the roof of the fifth floor of the multi-functional center, with green terraces and a cafe next to it. The architects’ office “Arhis Arhitekti” is the author of the common vision of the first round of development and the multifunctional center. The authors of the business center are the Danish architect office “Arrow Architects”.
A new business block is located next to a developed public transport infrastructure, which conveniently connects the block with all districts of Riga, and the center of Riga and the old town are a fifteen-minute walk across the Daugava. In parallel with the construction of the first phase, the design works of the second phase are underway, in order to start the construction of another 10-story multifunctional office center already this year, integrating a modern educational institution into the building.
“YIT” is Finland’s largest and one of the most important construction companies and urban developers in the Northern European region. We create a sustainable living environment: functional houses for sustainable living, future-proof public and commercial buildings, infrastructure for smoother social mobility, as well as renewable energy solutions for climate improvement. The company employs around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Czech Republic, Slovakia and Poland. The company’s turnover in 2021 reached 2.7 billion euros.
“YIT Corporation” shares are listed on the “Nasdaq Helsinki Oy” stock exchange. About “Lords LB Special Fund V” “Lords LB Special Fund V” is managed by “Lords LB Asset Management”, an investment management company licensed by the Bank of Lithuania, which was founded in 2008 and is a leading provider of investment management services for institutional clients and private investors. The firm focuses on real estate and private equity investment strategies and currently manages: 13 real estate funds, one private equity fund, one energy and infrastructure fund and two investment companies. The total value of managed assets at the end of December 2022 reached 871.6 million euros.
2023-06-01 09:40:32
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