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Citadele bank HQ in Rīga bought by Lithuanian investment fund

The business center that hosts the headquarters of Citadele bank has changed hands with the help of a 27 million euro loan from rival bank SEB.

Lithuanian investment fund Lords LB Baltic Green Fund (V) has purchased the business centre in what is described as "the largest transaction in Riga’s office space market in 2020."

According to Marius Junda, Lords LB Baltic Green Fund (V)’s Manager, this investment will strengthen the fund's asset portfolio and provide an opportunity to create long-term value for investors.

"Despite some fears due to the current situation, the office market remains active. We believe that even though the model of how we work is changing, office space remains relevant. We’ll invest in modern building management solutions once we become the official owners of the business centre,” said Junda in a press statement.

The 30,000 sq. m. business centre is located in Republic Square in central Rīga. After the transaction, the Citadele bank will remain the primary tenant of the building and continue serving its customers there.

Established in 2019, Lords LB Baltic Green Fund (V) is a closed-end fund investing in revenue-generating commercial real estate. The fund is managed by Lords LB Asset Management, an investment management company licensed by the Bank of Lithuania, which has been providing services to institutional and private investors since 2008.

Lords LB Asset Management currently manages 15 funds: 12 real estate funds, two private equity funds and one energy and infrastructure fund. Total assets of funds managed by Lords LB Asset Management exceeded €605 million at the end of June 2020.

Acquiring the Citadele HQ gives Lords landmark buildings facing each other across the River Daugava, as it is also redeveloping the long-empty Press House building on the left bank.  

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