“LNK Properties” to Invest 6 Million EUR in the Renovation of a Multi-apartment Building in the Quiet Centre of Riga

“LNK Properties” to Invest 6 Million EUR  in the Renovation of a Multi-apartment Building in the Quiet Centre of Riga

“LNK Properties”, a group company in the “LNK Group” which is one of the biggest production holdings in Latvia, has purchased a multi-apartment building in Riga, 20 Antonijas Street, and is going to renovate it. Total estimated value of the project, including the purchase of the building, amounts to EUR 6 million; of this, 3.5 million is a borrowing from Citadele bank.

The Art Nouveau multi-apartment residential building in the quiet centre of Riga was built in 1911 by the architect Nikolai Nord. Total floor space of the building is 3000 square metres. The beginning of the renovation project is scheduled for 2018. The Residential Property Department of “LNK Properties” has built up solid experience in construction and development of residential buildings in Riga and Jurmala; however, this is going to be their first renovation project for an apartment building.

Aleksandra Strode, head of Residential Property Department, “LNK Properties”, points out: “With this renovation project we are stepping into a new segment: up to now, we used to construct new projects while this time we are going to renovate a building in Art Nouveau style, which is among the characteristic features of Riga. We are convinced that the quiet centre of Riga will get one more proficiently renovated, beautiful and neat building, and the result is going to be something to feast your eyes on. This will please the potential residents of the building and guests of the city, and also brush up the image of the quiet centre of Riga.”

Santa Purgaile, a board member of Citadele bank, notes that “as to Citadele bank, this year, similar to the last year, real estate development has been the leading sector for bank lending. These investments result in significant benefits. As part of this particular project, a building will be renovated, thereby contributing to the preservation of Art Nouveau architecture and making Riga more beautiful. The demand for high quality apartments in the historical centre of Riga is increasing among the citizens of Riga. With the purchasing power of people going up and mortgage lending becoming more active, the availability of new apartments in a renovated building will at least somewhat satisfy this demand.”

 

About the holding “LNK Group”

The holding “LNK Group” was founded in 1988. It comprises 18 group companies operating in three main business areas: construction and production (LNK Industries), aircraft engineering services, testing and maintenance (LNK Aerospace) and real estate development (LNK Properties).