Bank representatives say Nordic Investment Bank and Citadele Bank have lent EUR 25 million to build each office building for the developer of the Press House Quarter of the JSC PN project, which is managed by Lord’s LP Asset Management.
The six-year loan will finance the construction of a permanent 26,500-square-meter office building in Gibsala. The project is part of the Press House Quarterly Real Estate Development Program, which is being implemented in several phases.
The new Class A office building BREEAM standard construction standard is expected to receive “excellent” quality certification.
Andre Kiswex, chairman of the board of the Nordic Investment Bank, points out that this will be the first BREEAM standard “best” level building in the bank-funded Baltics.
In mid-April, construction company UPP Press House reported that the first phase of construction had begun on the quarter. The project developer has signed a contract with UPB for the first phase of construction for 76.8 million euros.
In the first phase of the project, it is planned to build 25,000 square meters of Class A offices and 40,000 square meters of multifunctional premises – shopping malls, over 1,000 parking lots and various recreational areas.
The Press House Quarter project was created by international architects – “Arhis Architect” from Latvia, “KSP Jurgen Angel Architect” from Germany and “Arrow Architects” from Denmark.
Press House plans to invest over 200 200 million in several phases of the quarterly project.
Project developer “BN Project” is managed by Lord’s LP Asset Management, an investment management company licensed by the Bank of Lithuania, which has been providing services to institutional and private investors since 2008. In total, the company manages 15 funds – 12 real estate funds, two private equity funds and one energy and infrastructure fund. The total value of assets managed by Lord’s LP Asset Management at the end of 2020 was 60 660.2 million.
Nordic Investment Bank 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 inside and outside the Member States.
Citadele Bank Group has made a profit of .5 32.588 million in the first half of this year, compared to a loss in the first half of last year. At the end of June 2021, Citadel Bank Group had assets of 4. 4.806 billion.
Citadel Bank is the second largest bank in Latvia in terms of assets. Its securities are listed on the Nasdaq Riga Stock Exchange. The bank’s shareholders are RA Citadele Holdings LLC, US investment firm Ripplewood and a group of international investors (75% plus one share) and the European Bank for Reconstruction and Development (25% minus one share).
Keitriz Bernodos (from left) and Andre Kiswex, Board Chairman of the Nordic Investment Bank, representing Lord’s LP Special Fund V.