Latvia. SPV AS PN Project
|Date of agreement:||10 Dec 2021|
|Customer:||SPV AS PN Project|
|Amount in EUR:||EUR 25 million|
|NACE sector / loan type:||Construction|
The loan has been provided for the construction of a BREEAM Excellent certified office building that will be part of the Preses Nama Kvartāls property development project in Riga, Latvia.
Preses Nama Kvartāls is located on the left bank of Daugava River, next to one of the biggest transportation corridors leading into the city centre. Revitalisation of the area is a large development project that will take place in several stages.
In the first stage of the project, Preses Nama Kvartāls will be developed into a 26,500-square-metre green office, which NIB’s loan is financing, as well as a 40,000-square-metre multifunctional building, incorporating public space, retail space and car parking.
Construction has started in early 2021 and Preses Nama Kvartāls stage one is estimated to be completed in 2023. The office will be the first NIB-financed BREEAM Excellent building in the Baltics.
SPV AS PN Project has been established for the project by Lords LB Asset Management, a Lithuania-based fund management company providing investment management services in the Baltic States. The company has successfully completed several property development projects.
Fulfilment of NIB's mandate
As a result of the project, 26,500 square metres of A-class office spaces will be created. This is a significant addition to the A-class office market in Riga.
The project aims to convert a currently underdeveloped area in a prime location into a central business district. Kipsala island in Pardaugava, where the project is located, already hosts other recently completed office buildings.
Revitalisation of the area should facilitate further transformation of the island. The office building will act as a showcase project inspiring other firms to aim at higher energy efficiency and office worker wellbeing standards.
The new office building is to be certified with BREEAM New Construction at the level of “Excellent”. It is designed to be in the A energy efficiency class.
Measures to increase the energy efficiency and sustainability of the building include automated building control and energy use monitoring systems as well as heat recovery in the ventilation systems.
The office building will have solar panels installed on its roof. The total electricity demand of the office building is 1,000 MWh annually, of which 19 MWh (2%) will be generated on site with photovoltaic cells.
Estimated impacts related to the investments:
- BREEAM “Excellent” certification for New Construction
- Gross floor area of the certified building 26,500 m2
The construction project is not located in a sensitive area. However, one of the existing roofs was used as bird nesting area for a large bird colony of Sterna hirundo, and construction works were delayed as a result. To accommodate the future nesting, one of the roofs is designed to be suitable for this purpose.
No contaminated land has been identified on site. All demolition and waste handling works have been done by specialised contractors, in accordance with applicable regulations.
The principal contractor has ISO 14001, the most widely used EMAS environmental management system in place. The contractor is to report the total water and electricity consumption as well as the generated construction waste amounts from the construction process for future BREEAM benchmarking purposes.