“Preses Nama Kvartāls” receives EUR 50 million funding

Subsidiary company JSC “PN Project” of the real estate project developer “Lords LB Asset Management” has received a EUR 50 million funding. Nordic Investment Bank (NIB) will invest the allocated funding in the amount of a EUR 25 million and an equivalent loan from Citadele Bank will be invested in construction of the office centre in “Preses Nama Kvartāls” accordingly to the BREEAM “Excellent” standard.

JSC “PN Project” that was developed for the implementation of “Preses Nama Kvartāls” project, will invest the allocated funding in the construction of the A class office centre that will take up 26 500 square meters and be located on the left bank of Daugava. It is part of the voluminous “Preses Nama Kvartāls” project development 1st stage.

“A class office centre is a significant part of the “Preses Nama Kvartāls” project concept, creating the future financial and innovation centre in the very heart of the Knowledge Mile in Riga. Investments to the project will allow developing modern A class offices with premium work environment and versatile planning possibilities, that will help to attract new global level companies and start-ups. Revitalizing the historical Preses Nams territory with wide range of services, as well as infrastructure renovated according to the universal design principles and highly accessible to cyclists and pedestrians will certainly improve the life quality in the city,” comments representative of “Lords LB Asset Management” Giedrius Bernotas.

New office centre is designed in accordance with the nearly zero energy building standards (nZEB) and BREEAM “Excellent” certification for sustainable office, serving as an important addition to the A class office sector in Riga. Investments in the “Preses Nama Kvartāls” will promote territory development and further rebirth of Ķīpsala and Pārdaugava neighbourhoods, becoming a central business district of Riga.

“This is the first NIB-financed BREEAM Excellent building in the Baltics. 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, NIB President and CEO.
 

Office centre funded within the framework of the project “Preses Nama Kvartāls” is the first cooperation between NIB and “Lords LB Asset Management”. 

"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 of the modern office centre has started in  2021 and it is planned that construction of the first stage of the project “Preses Nama Kvartāls” will conclude in 2023, developing not only A class office centre but also 40 000 square metres large multifunctional centre, providing retail, fitness, sports and medical services, as well as spacious food court and 1000 car parking spaces.
 
About “PN Project”
JSC “PN Project” is established for the implementation of the “Preses Nama Kvartāls” development idea. Company is developed by the Lithuanian fund management company “Lords LB Asset Management” that offers investment management services in the Baltic States. Company has successfully implemented several real estate projects, including the office building K29 in Vilnius that is the first BREEAM “Excellent” certified office building in the Baltic’s. 
 
About NIB
Nordic Investment Bank (NIB) is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

About Citadele Bank
Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics. 
Citadele is the second largest bank in Latvia by assets. The Citadele group is managed from Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.