M.M.M. Projektai, a real estate company owned by Lithuanian businessman Nerijus Numavicius, plans to invest 200 million euros in Riga over the next few years, according to the vz.lt news website.
Nerijus Numavičius
© DELFI / Mindaugas Ažušilis

The company has bought two land lots for investment, and a business centre of around 50,000 square meters might be built in one of them, and some 100,000 square meters of housing in another.

The company plans to develop the business complex in two stages and complete in 2023, and the housing development would be built in five stated by 2026, vz.lt reports.

M.M.M. Projektai has another land lot of 8 ha in Riga and plans to invest around 150 million euros.

As BNS Lithuanian reported earlier, Lithuanian real estate companies are increasingly directing their investment to Riga, with over 600 million euros worth of investment already planned.

Hanner has been active in Riga for the past couple of years, and Vilniaus Prekyba, another company owned by Numavicius, is building the Akropole shopping mall and also plans another project. Inbestment companies Lords LB Asset Management and Capitalica Asset Management's funds have also invested in land lots in Riga.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Kupsys: PNB Banka's collapse bad for Baltic banks' reputation

The collapse of another Latvian bank, PNB Banka , has a negative impact on the whole Baltic banking...

Franch investor buys Danpower Baltic

French renewable energy group Idex , part of Antin , one of the largest investment companies in...

Zalatorius on PNB Banka closure: Latvia continues its bank cleanup

Latvia continues to clean up its banking sector, the head of the Lithuanian Banks' Association (LBA)...

German economic stagnation holds both opportunities and risks for Lithuania

With the German economy having shrunk by 0.1 percent in the second quarter and facing a real threat...

The future city idea – where everything can be reached in under 20 minutes

Over the last few decades, the urban model of the West, where residential, work, commercial and...