The construction company AS “UPB” has terminated the contract with “Lords LB Special Fund V”, the developer of “Preses nama kvartala”, because it has not paid the builder, “UPB” co-owner Uldis Pīlēns said in an interview.
“We terminated the contract, because if the customer does not pay the builder, it is not a good starting point to continue building. Now we are in the process of solving issues with the customer related to the legal termination of the contract,” said Pilens.
When asked if the guilty party is the customer who did not pay the company, Pilen said that it is always determined by arbitration, as well as in this case.
“Considering that we were the initiators of such a process, I think that I would like the process to have a legally correct format, and the customer has to pay the builder,” Pīlēns emphasized.
It has already been reported that in March the developer of the “Press House Quarter” “Lords LB Special Fund V” announced that the first phase construction contract concluded two years ago with “UPB” was terminated and the general contractor contract was concluded with the construction company “YIT Lietuva” for the new central business quarter construction of the first phase in Pārdaugava.
According to the 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.
The representatives of “Lords LB Special Fund V” explained that the 76.8 million euro first round construction contract with “UPB” signed earlier in March 2021 has been terminated. The developer’s representatives stated that the developer and “UPB” agreed not to comment on the reasons for terminating the contract.
Until that moment, in the construction process of the multifunctional center, all concreting and main supporting structure works had been implemented, and the construction of the roof of the building had 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 class A business center with an area of 26,000 square meters will be built. The business center will meet the standards of the international BREEAM certificate “Excellent” and almost zero energy building.
The office building will be connected to a multi-purpose center of 40,000 square meters, which will combine retail, sports and medical services, a food court, 300 secured bicycle parking spaces and three levels of surface parking. A total of 1,000 parking spaces will be available in the parking lot, as well as charging stations for electric cars. A soccer field will be installed on the roof of the fifth floor of the multifunctional center, next to which there will be green terraces and a cafe.
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”.
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 this year, integrating an educational institution into the building.
“Lords LB Special Fund V” is managed by “Lords LB Asset Management”, an investment management company licensed by the Bank of Lithuania, founded in 2008. 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.
It was also reported that last year, according to preliminary data, the turnover of the “UPB” concern was 235 million euros, including about 60% of exports with a focus on the design, production and assembly of building structures.
“UPB” is the owner of 100% of capital shares in the companies SIA “Aile grupa”, SIA “RK Metāls”, SIA “UPB Energy”, SIA “UPB nams”, SIA “Būvmehanizācija”, SIA “UPB projekti”, SIA “Enna”, SIA “Engineering office “Būve und forma””, SIA “Grotta” and SIA “Alto 4.0”. On the other hand, SIA “MB Betons” “UPB” owns 93.5% of capital shares.
2023-07-17 09:11:07
#million #euros #invested #store #top #construction #renovation #Dienas #Bizness
