The representative of the project developer – the Lithuanian investment company “Lords LB Asset Management” and the fund “Lords LB Special Fund V” – Giedrjus Bernots told the newspaper that the construction of the first phase should be completed in the second quarter of 2025, although it was previously planned to be completed in the second quarter of 2024 half.
On the other hand, the construction works of the second phase of the project will start only after the main tenant has been found. A building permit has already been issued for the second round.
Bernot stated that if the general contractor of the construction works changes, it will not be possible to complete the project so quickly.
It has already been reported that the previous general contractor “UPB” terminated the contract for the construction of the first phase of the “Press House Quarter” at the end of 2022 and in 2023 submitted a claim to the Arbitration Institute of the Stockholm Chamber of Commerce (“SCC Arbitration Institute”) for the recovery of payments and liquidated damages.
Last March, the developer of the “Press House Quarter” “Lords LB Special Fund V” announced that the first phase construction contract with “UPB” was terminated and the general contractor contract was concluded with the construction company “YIT Lietuva” for the construction of the first phase of the new central business quarter in Pārdaugava.
According to the contract, the construction of the business center and multifunctional center was supposed to be completed in the second half of 2024. The total investment of the first phase of the project is estimated at more than 100 million euros.
“Lords LB Special Fund V” is managed by “Lords LB Asset Management”, an investment management company licensed by the Bank of Lithuania, which was founded in 2008 and is a leading provider of investment management services for institutional clients and private investors. The firm focuses on real estate and private equity investment strategies and currently manages 13 real estate funds, one private equity fund, one energy and infrastructure fund and two investment companies. The total value of managed assets at the end of October 2023 was one billion euros.
