07.02.2021 - Companies, Real estate

"Urban Inventors" has entered the Latvian market

A Lithuanian developer Urban Inventors has entered the Latvian market by having acquired a 7.3 ha large land plot located at Lielirbes street (Riga, Latvia). The investor plans to develop an ambitious multi-functional project within next several years by building up to 120,000 m2 of office, residential, retail, leisure, science and education premises. This would make this area to become the largest development district in Riga.

“Our new strategic direction is to create unique concepts and products, which we can successfully develop in the international markets. In Riga, we will see the rise of a high-tech campus, the concept for which we are preparing with international consultants who have huge experience in creating such complexes. As the concept is being developed, we cannot reveal too many details, but it will be an inclusive synthesis of the workplace and living area, with a complex ecosystem. The emergence of the new district will benefit the Latvian economy because the campus will be a particularly appealing location for both homegrown and international high-tech companies, educational institutions and science laboratories to settle in. We will develop the largest territory in the Latvian capital and so, we take pride to contribute to the creation of a modern Riga’s identity,” says Lionginas Šepetys, Chairman of the Board at SBA Group’s company Urban Inventors.

According to him, as usual, in the project, Urban Inventors will prioritize sustainability, innovative solutions and architectural harmony, not maximum density. The construction works due to begin in the first half of 2022. The total amount of investments will be clear once the concept of the project is finalized but it is already clear that it will be one of the largest inflows into the Latvian real estate market.

Urban Inventors is well known with their office, logistics and business center development projects all over Lithuania. As part of the SBA group of businesses with total revenue of 362 mln euros, Urban Inventors have been active in real estate since 2007. Working with architectural thought leaders from all around the world, the company has built unique, high standards buildings that blend into a city’s architecture organically. 

In Vilnius the company has developed Lithuania’s first Class A+ business centre – Green Hall (stage I, II and III), where renewable geothermal energy alone is used to satisfy 100% of a business center’s heat energy needs. The public square Vienybės aikštė (Unity Square) in the second largest Lithuanian city Kaunas, renovated by Urban Inventors, was recognized as a winner at the prominent German Design Awards. The highly esteemed international jury has awarded the project in the Urban Space and Infrastructure category. 

The business center BLC in Kaunas, also developed by Urban Inventors, is going to become the first business center in Lithuanian which fully complies Fitwel standard. The company has also participated in development of unique business center “Kauno dokas”, where river water is used for cooling of business centre’s premises.

The value of the land plot by the Lielirbes and Ventspils streets of the contract is confidential, but this is one of the largest recent real estate contracts in Latvia. Colliers Baltics Industrial&Land Agency team represented the seller in the deal.

“We are delighted to see investors’ interest in Riga and enter our market with such ambitious plans of the whole district development. The location excellently suits mixed-use development and aspiring ambitions of Urban Inventors – to develop sustainable real estate noted for their exclusive architecture and fine-tuned functionality. Having fulfilled the plans, this district will become the most appealing and attractive one between Riga center and the airport, having a well-developed infrastructure of commercial, social and residential functions as well as excellent transport connection around. We welcome  Urban Inventors to Riga and wish them success in all their beginnings” – comments Eriks Bergmans, Head of Agency at Colliers Baltics. 

The other SBA Group company, Capitalica Asset Management, is currently developing a 45,000 m2 green class A business centre complex VERDE in Riga’s Skanste District. Upon receiving all the necessary permits, the initial construction has already begun last year. The object is being built by the Latvian company Velve (construction contract for 49 mln euro). The Board of Directors of the European Investment Bank has approved financing for the project. The approved amount of funding for the complex of nearly zero-energy buildings (NZEB) is up to EUR 22 million from the investment package for combating climate change.

SBA, one of Lithuania’s largest business groups, operates in the furniture and apparel and real estate sectors. The group’s companies have more than 5,000 employees. SBA Group’s furniture business is the largest in the Baltic States.

Source: Colliers.com

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