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Ingrīda Blūma, former head of the Latvian Hansabanka (now Swedbank) and current chairman of the board of the non-governmental organization Mission Possible, Doms Kačinsks, director of the investment management company Lords LB Asset Management, businessman and investor Toms Kučinsks, investor and Lins Strēlis, a member of the Board of Auga, Umega and Vilkyškių pieninė, as well as Toms Krakauskas, Investment Director of the Girteka Group company ME Investicija.
Abromavičs pointed out that the successful development of the project in Riga requires a strong team of Lithuanian and local professionals. “The experience and competence of the members of this supervisory board will allow us to make strategic decisions quickly and effectively and represent the project in society. Nowadays, successful project development alone is not enough – decisions and implementation need to be stable. he said.
In July, the Lords LB Special Fund V bought the 5.8-hectare plot of land next to the Vanšu Bridge together with all the buildings on it – the former Press House and printing house. The development concept of the land plot currently being developed envisages that the central business district of Riga will be established in this place. According to the current regulations, it is allowed to build commercial real estate objects larger than 100,000 square meters on the land plot.
The object was purchased by the fund “Lords LB Special Fund V”, which was established to invest in real estate projects in Latvia. Its target is EUR 20 million, with a maximum of EUR 40 million. The fund will operate for at least eight years and will invest more than 200 million euros in the development of the Press House project in several stages.
24 investors from Lithuania and Scandinavia have invested in Lords LB Special Fund V. Including investment companies, family businesses, successful entrepreneurs and high-income private investors. It is planned that 22 million euros will be invested in the first stage of fundraising.
Lords LB Asset Management is an investment management company licensed by the Bank of Lithuania, which has been providing services to companies and private investors since 2008. In total, Lords LB Asset Management manages 14 funds: nine real estate funds, three private equity funds and two energy and infrastructure funds. The total value of property managed by the funds at the end of June 2017 was 330 million euros.
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