JSC PN Project, a fund managed by the Lords LB Asset Management investment company, has signed two financing agreements worth EUR 25 million each. A total of EUR 50 million has been granted by the Nordic Investment Bank (NIB) and Citadele Bank for the construction of the office centre in “Preses Nama Kvartāls” accordingly to the BREEAM “Excellent” standard.
The six-year loans will finance the 26,500 sqm green office building on Riga’s Ķīpsala Island, on the western bank of the Daugava River. The construction of the building is part of the company’s business quarter project on the site of the former Riga Press House.
“We are delighted to have attracted this investment, as it will allow us to develop modern Class A offices with a high quality working environment and a wide range of uses, which will make it easier to attract new world-class companies and start-ups. The historic Press House location is being revitalised in line with the latest design standards, expanding its services. And there is no doubt that the renewed and pedestrian- and cyclist-friendly infrastructure will improve the quality of life in the city. This Class A business centre is an important part of the Preses Nama Kvartāls project, which aims to create a new finance and innovation centre in an important city location in Riga,” commented Giedrius Bernotas, representative of Lords LB Asset Management.
The new business centre will be awarded with BREEAM certification, the international standard for sustainable buildings, with a high rating of Excellence. The building will make a significant addition to the Class A office market in Riga, and the revitalisation and development of the former Press House site will lead to a further transformation of the area, which is expected to become the main business district of the Latvian capital.
“This is the first BREEAM Excellent building in the Baltics financed by NIB. The project not only fosters green building developments in the region, it can also act as a showcase inspiring other firms to aim at higher energy efficiency and office worker wellbeing standards,” says André Küüsvek, President and CEO of NIB.
The site of the Preses Nama Kvartāls will be as accessible as possible not only to the citizens working there, but also to those who will live there and lead active lifestyles. The new business district will be based on a metropolitan concept, combining educational, cultural, financial and other functions.
“The construction of the Preses Nama Kvartāls is one of the biggest development projects in Riga this decade. The project will have a positive impact on the local population and will contribute to the competitiveness and international recognition of the Latvian capital. Promoting sustainability, improving the quality of the environment, innovative, modern and competitive solutions are part of the everyday life of today’s businesses. I am delighted that this project will bring world-class innovative construction and energy efficiency solutions to Riga,” says Vaidas Žagūnis, Member of the Board of Citadele and Head of Corporate Client Management in the Baltic States.
Construction has started this year, and the first phase of the Preses Nama KVartāls is expected to be completed in 2023.
