Real estate investment management company SIA “LASCO Investment” informs that it has involved architect Larry Oltmanns, who represents architecture office “Vx3”, and international real estate consultation company “Cushman & Wakefield” as partners in designing the development plan conception for business centre “Daugava” and adjacent territory at 3 Balasta dambis, Riga. These collaboration partners have been chosen through an international tender announced at the end of last year.

Decision concerning the territory development at 3 Balasta dambis, Riga, was taken following the Real Estate Investment Development Strategy of SIA “LASCO Investment” for 2009 – 2014, whose main objective is effective management of assets, creating maximum added value for shareholders.

After assessing such factors as the present condition of business centre “Daugava” (previously known as “Press House”), strategies for its most effective short-term and long-term utilisation and potential for added value, SIA “LASCO Investment” decided to initiate the development process of this real estate asset with the aim to ensure its successful trading in the future along the lines of the Real Estate Investment Development Strategy for 2009 – 2014.

This property will be developed in line with the long-term goals of the city of Riga set out in its Development Plan, taking into account the significance and heritage value of the city’s waterfront panorama, skyline and their perception area.

The Riga City Development Plan permits the development of business and public areas in this territory. This development should ensure the functional expansion of the centre of Riga with a new business building, development of public structures, creation and enhancement of the central accentuated city skyline group. The conception of this territory development plan will be developed in close cooperation with the responsible authorities of the City of Riga.

Larry Oltmanns has participated in project development across five continents, concentrating on architecture design landmarks that significantly improve the urban environment quality. The hallmarks of these projects are their impressive size, focus on strategic planning, combination of innovation and harmony in urban environment design and guaranteed long-term financial results for the owners.

The architect’s portfolio includes over 60 completed and current projects. The most notable of them are Finsbury Avenue Square in London, Adelaide Convention Centre, Korea World Trade Centre, Hong Kong Convention Centre, United Gulf Bank building in Bahrain, NATO Headquarters in Brussels, Rondo ONZ in Warsaw, master plan of Euston Station redevelopment in London, design and development of many other urban planning objects  (more detailed information about Larry Oltmanns’s experience and offer is available at http://vx3arch.com/lko02.html). 

The Management Board Chairman of “LASCO Investment” Raitis Nespors pointed out: “As a real estate asset management company, we have a priority to increase the asset value, thus guaranteeing added value for shareholders. This work also means cooperation with city authorities and experts in the areas of architecture and real estate, whose involvement is indispensable for successful project development.”

The chief architect of the City of Riga Janis Dripe acknowledged: “This territory is important for the City of Riga both visually and functionally, which is why we appreciate that constructive cooperation with the city architectural services has been initiated at the very start of the process. This cooperation will ensure that the interests of the city and Rigans are taken into account and at the same will give a better understanding of the UNESCO requirements for the development of quality city environment that is acceptable for all the parties involved.”

About LASCO Investment

SIA “LASCO Investment” is a subsidiary company of Joint Stock Company “Latvijas kugnieciba” (Latvian Shipping Company – LASCO), which carries out the administration and management of LASCO’s real estates in conformity with the objectives set out in the Real Estate Development Strategy: maximum profitability from investments, maximum added value and maximally profitable sale of investments when the real estate market situation becomes stable. For additional information, please visitwww.lk.lv.

About VX3 (Larry Oltmanns)

Architecture office “VX3” (architects, strategists, urban designers) was founded by Larry Oltmanns, whose portfolio includes over 60 completed and current projects. The company successfully combines the improvement of urban environment quality with the development of financially successful projects, which meet the interests of contracting authorities. For additional information, please visitwww.vx3arch.com.

About Cushman & Wakefield 

“Cushman & Wakefield” is a reputed international real estate consultation company, running its business in more than 50 countries worldwide. The company offers services in the area of commercial properties, servicing international corporations, pension funds, developers, entrepreneurs, government authorities and financial institutions. For additional information, please visitwww.cushwake.com.

For more detailed information:

Marita Ozoliņa-Tumanovska

JSC "Latvijas kuģniecība"

Manager of PR & Advertising Department

Telephone +371-67020120, 29287169

marita.ozolina@lscgroup.lv