A multi-functional complex developed on the plot will include a number objects for the purposes of business, leisure, science, retail and residential living, totalling up to 120,000 square metres. The size of this unique neighbourhood will make it the largest real estate project ever developed in the Latvian capital.
“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 developing 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 prioritise 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 finalised but it is already clear that it will be one of the largest inflows into the Latvian real estate market.
The acquisition of the plot by the Lielirbe and Ventspils by Urban Inventors is one of the largest recent real estate contracts in Latvia. The amount of the deal is confidential. The vendor was represented by Colliers Baltics Industrial & Land Agency. Colliers Baltics Industrial&Land Agency represented the seller in the deal.
“We are delighted to see investors’ interest in Riga who are entering our market with such ambitious plans of the whole district development. The location perfectly suits mixed-use development and aspiring ambitions of Urban Inventors – to develop sustainable real estate characterised by exclusive architecture and fine-tuned functionality. Having fulfilled the plans, this district will become the most appealing and attractive area between the centre of Riga and the airport, having a well-developed infrastructure of commercial, social and residential functions as well as excellent transport links. We welcome Urban Inventors to Riga and wish them success in all their beginnings,” comments Eriks Bergmans, head of agency at Colliers Baltics.
Urban Inventors have already developed Green Hall, a modern business valley in Vilnius awarded for its exceptional architecture and the BLC business centre in Kaunas. The latter also benefited from regeneration of the Unity Square (Vienybės aikštė), a project which won Urban Inventors a German design award. Another development in Kaunas, the Kauno Dokas business centre, is the only building in the country to be cooled by river water. Last year also saw the portfolio of projects developed by Urban Inventors supplemented by a logistics centre and a furniture component factory buildings at the SBA industrial innovation valley near Klaipėda. The buildings were successfully sold to a fund managed by the Estonian capital investment company Eften Capital.
Another company of the SBA Group, Capitalica Asset Management, is currently developing a 45,000 square metre A-class business centre complex VERDE in Riga. Upon receiving all the necessary permits, the initial construction work began last year. The object is being built by the Latvian company Velve for 49 million euro, financed by the funds intended for combating climate change and allocated by the board of the European Investment Bank.
SBA, one of Lithuania’s largest business groups, operates in the furniture and apparel production 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. It consists of the companies SBA Baldų Kompanija and Robotex and several furniture factories – Klaipėdos Baldai, Šilutės Baldai, Germanika, Visagino Linija, Mebelain and Kauno Baldai.
SBA owns the real estate innovations company Urban Inventors. Also part of the SBA Group is the investment management company Capitalica Asset Management. SBA’s presence in the apparel sector comprises the organically innovative company Utenos Trikotažas with its subsidiaries Šatrija and Mrija.
