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Lithuanian fund to invest €200m in former Soviet high-rise

Lords LB Special Fund V of the Lithuanian investment management company Lords LB Asset Management is going to invest more than €200 million in development of the territory that comes with Preses Nams, a Soviet-era high-rise in Riga, that the Lithuanians have just acquired, LSM reported.

Lords LB Special Fund V acquired 5.8 hectares of land and several buildings, including Preses Nams, on the left bank of the River Daugava that runs through the Latvian capital, from Latvijas Kugnieciba (Latvian Shipping Company, LASCO), paying €16.8m for it.

This is going to be the largest office space development project in the Baltics and one of first steps of the company's expansion in the region, the Lithuanian company 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", said Domas Kacinskas, CEO at Lords LB Asset Management.

The assets managed by Lords LB Asset Management have grown from €158 million to over €320 million over the last three years.

The asset was purchased by Lords LB Special Fund V, which aims at investing into real estate projects in Latvia. The fund’s initial size is €20 million and the maximum size is €40 million. The fund will be active for at least eight years and will invest more than €200 million into development of the project. Investments will be carried out over several phases.

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