Giedrius Bernotas Lords LB Asset Management fund manager. Photo of Judita Grigelyts (V).
The Lords LB Asset Management fund of the investment company, which is expanding the commercial quarter Preses House in the capital of Latvia, took some time with the construction of the first stage, and the second stage, although it already has a permit, has yet to find the main tenant.
Giedrius Bernotas, manager of Lords LB Special Fund V, the fund responsible for the project, says that the construction of the first phase should be completed by 2025. of the second quarter, although earlier it was planned to complete them by 2024. second half
When the general contractor is changed, it will not be possible to finish the object so quickly, says G. Bernotas.
V reminds that in 2022 the contract with the Latvian construction company UPB was terminated and the work of the first stage of the project was carried out by the Finnish capital construction company YIT Lietuva. UPB has completed 50% of the work of the first phase.
Arnoldas Abromaviius, the chairman of the project’s supervisory board, said earlier that he is in the arbitration court because of the terminated contract with UBP.
We had a fixed price agreement with UPB worth 76 million. EUR (without VAT), they had to perform the construction work of the first phase of the project. After construction materials became more expensive all over the world, we tried to find a compromise, we didn’t find it, so we decided that the court must decide who is right and who is wrong, said A. Abromaviius.
G. Bernotas claims that at that time the hearings have already ended, so there is no ruling yet.
Iek tenant
V, the manager of Lords LB Special Fund V, says that at the moment the construction permit for the second stage has already been issued, but the construction has not started yet, and the contract with the contractor has not been concluded.
We are looking for a potential main tenant and, after signing a contract with them, we will start with the second phase, says G. Bernotas.
It appears that in the former territory of the Riga Press Office, the foundation started the development with the construction of a 1,000-space car storage facility and an eleven-story business center (26,000 square meters).
in 2022 in May, the storage building was already essentially finished, and in order not to find an unsightly object only for parking in the middle of the block, it was decided to prepare commercial premises (7,500 sq.m.) in the first auction, which will house a sports club (1,700 sq.m.), a grocery store (1,500 sq.m. m), medical clinics (1,500 sq m) and 7 catering establishments. They will be located at the roofed passage between the office building and the warehouse.
The name of the block is related to the history of the area, it houses the building of the Press Room built in the Soviet era, where the Holiday Inn chain site is planned to be reconstructed.
in the first stage, the fund announces that it will invest 114 million Eur.
170,000 sq.m. can be built in the total area of 5.8 ha. m area building, but the foundation unites plans only for the first two phases. During the second, it is planned to build 25,000 sq. m area office and 5,000 sq. m area school
Lords LB Special Fund in territory V with buildings to the Latvian Shipping Company for 16.8 million. Eur signed in 2017.
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