News Pricer.lt

Construction of the Preses Nama Kvartāls business quarter has been suspended

Приостановлено строительство бизнес-квартала Preses Nama Kvartāls

The Lithuanian company Lords LB Special Fund V has suspended the construction of the multifunctional business center Preses Nama Kvartāls in Riga, writes the Verslo žinios portal. “After changing the general contractor in the middle of construction, the price increased, so we had to change the project financing scheme. The pace of the project has slowed down. We need to clearly decide on sources of financing, and we expect that the construction of Preses Nama Kvartāls will be in full swing until the end of summer,” Colliers Baltics commented on the situation. The manager of Lords LB Special Fund V, Giedrius Bernotas, told the portal that no work is being carried out at the site. At the same time, he did not comment on what this was connected with. Source Verslo žinios in Riga noted that construction work was suspended at the beginning of the year, and it is planned to resume it in September. In May, Delfi Bizness also wrote that traffic at the construction site had died down. Lithuanian company Lords LB Special Fund V told Delfi Bizness that construction is delayed due to a change in the general contractor, and the second phase will be built only after an anchor tenant is found. The developer rejected suggestions of financial problems. The Lithuanian developer, investment fund Lords LB Special Fund V (managed by the Lithuanian company Lords LB Asset Management) spoke with cautious optimism about this large and ambitious development project in Kipsala back in 2021. At the time, the developer told Delfi Bizness that the first phase of the project could be completed in the summer of 2023. However, this did not happen. The reason for this is the sharp increase in construction costs that followed Covid and the war in Ukraine. In addition, the problem lies in the sluggishness of the market itself – in Latvia there are still few new companies willing to rent large premises, investors are generally cautious. However, the developer stated at the very beginning that the development of the entire quarter could take about 10 years. The customer had a conflict with the builder of the first stage of the project, the Latvian market leader UPB, which has not yet been fully resolved. In April this year, LETA reported that SIA PN Management, part of the Lords LB Special Fund V group of companies, appealed the decision of the court of first instance, which rejected its application to cancel the security for a claim imposed at the request of the construction company AS UPB. The contract amount was 76.8 million euros. UPB has completed half of the work planned in the first phase. The construction was taken over by YIT Lietuva. Last spring, she announced that construction of the multifunctional business center should begin in March and be completed in the second half of 2024. Investments in the first phase of the project now amount to approximately 114 million euros. In June 2017, the foundation acquired a plot of land with an area of 5.8 hectares with the “House of Printing” for 16.8 million euros. It was subsequently announced that the project should be completed by 2025.

News source

Dalintis:
0 0 balsai
Straipsnio vertinimas
guest
0 Komentarai
Seniausi
Naujausi Daugiausiai įvertinti
Inline Feedbacks
Rodyti visus komentarus

Taip pat skaitykite: