Riga, 17 July 2019 - M.M.M.Projektai – a company founded in Lithuania – has acquired land plots in VEF district next to Elkor shopping center area, and plans to build offices and residential houses in the next few years.
"Gustava parks projekti" and "Brivibas parks projekti", owned by M.M.M.Projektai - a real estate development company that operates in Central and Eastern Europe, acquired two real estate properties in Riga, at Gustava Zemgala gatve 73 and Brivibas gatve 201 from RE Property. “The land plots of 2.32 and 5.59 ha has been purchased with the purpose of developing an office and residential complex. We plan to develop this area by building up to 50k sqm of office buildings at G.Zemgala gatve until 2026, as well as up to 100k sqm of residential houses on Brivibas street. Planned investment amount is over 200 million euros over seven years,”- says "Gustava parks projekti" and "Brivibas parks projekti" board member Saule Zabulionyte.
There are currently seven professional office buildings in the VEF / Teika business district with a total area of more than 58,000 m2. Additionally, New Hanza Capital plans to renovate 30,000 m2 of office space in VEF area, Pro Kapital plans to start rebuilding the former Red Star factory building into an office complex. The Lithuanian developer Hanner will soon complete the construction of Jaunā Teika Quarter, with a total supply of 50,000 m2 of office space and, in addition to office function, more than 800 apartments. Bonava is also actively involved in the development of residential projects around VEF area - 116 apartments has been completed and successfully sold in the project Stārķi 2 beside Domina Shopping centre earlier this year, another Bonava project Pagalms 2.0 with 3 apartment house buildings is currently under development, and the company has acquired the former Vidzemes Maiznīca area for residential development.
“We are glad to actively participate in VEF area development process, this time representing M.M.M. Projektai interest in land plots acquisition transaction. Such development will give an additional impulse to VEF area and will definitely improve current office and residential market offer. In general, we see that the interest of Baltic developers is currently focused on Riga as we are receiving a large number of requests for land acquisition for residential and office development. The land prices are still attractive here, so the developers' calculations still work well even in exclusive locations – the same cannot be stated about Vilnius and Tallinn markets. It is absolutely clear that Riga needs more new projects for the future growth and competitiveness, and we are ready to support developers by our local expertise and international experience from the very beginning, the land acquisition process, and further through the whole development process,”- says Angela Kolesnikova, Colliers International Partner, Director of Investment Department.