Ellex Klavins has advised Lords LB Special Fund V, managed by Lords LB Asset Management, on its EUR 16.8 million acquisition of the Preses Nams building from SIA LASCO Investment, a subsidiary of AS Latvijas Kugnieciba.
The Preses Nams building, along with a 5.8 hectare land plot situated in Riga, Balasta Dambis, was acquired by the PN Project company, which is managed by Lords LB Asset Management, a Lithuania investment management company with an AIFM license issued by the Bank of Lithuania, which provides services for institutional and private investors since 2008. Lords LB Asset Management manages 14 funds, including nine real estate funds, three private equity funds, and two energy and infrastructure funds. The total value of assets managed by the funds was EUR 310 million as of December 2016.
According to Ellex, this most recent acquisition "is of crucial importance for further development of the territory of Preses Nams, as Lords LB Asset Management plans on a long-term investment of more than EUR 200 million in this project. It will be the biggest office space development project in the Baltic States, and one of the first steps of the company in expanding its real estate development business in the region."
The Ellex Klavins team in Latvia was headed by Partner Ivars Pommers, supported by Senior Associate Henrijs Niedra, among others. The Ellex Valiunas office in Lithuania also advised on the matter.