Eika Asset Management (EAM) is strengthening its position in the Latvian market and taking on unusual projects. The latest is the development of co-living spaces, which are currently gaining popularity worldwide. With an investment of 20 million euros and the acquisition of more than 3.7 hectares of land and buildings formerly occupied by a university, EAM will develop more than 250 high-quality apartments and modern co-living spaces that meet the needs of modern living.
Investing in a new asset segment
According to EAM Managing Director Viktorija Orkinė, the decision to invest in this project is based on the fact that the Latvian market is already familiar to the Fund and there are opportunities to invest in unique projects, where the competition is currently quite low.
‘We saw an opportunity to invest in a unique project that could add value not only to the city, but also to people looking for a unique place to live. Such widely developed products are still an unfilled niche in Riga, and the demand for them is growing, just like in other European cities,‘ she notes.
V. Orkinė is convinced that co-living spaces perfectly reflect the aspirations of modern people to live in communities, to be in the thick of things with friends and peers, and to have spaces that meet the needs of an active person nearby: ‘Therefore, the confidence of investors and partners in the strategic direction we are developing allows us to confidently enter this asset segment‘.
Bringing former university buildings to life
The plot of land and buildings acquired by EAM is located in Riga’s historic Āgenskalns district. The site is unique in terms of its history and its environment, which combines modern city life with being close to nature. The 3.7 hectare plot is richly planted with a variety of vegetation, and the adjacent park, which has just been reconstructed by the city municipality, further enhances the sense of harmony between person and nature, and allows for a wide range of activities to one’s leisure time.
The main historic building of the university, which until recently was the venue for the university’s lectures, adds a special charm to the project, as if to emphasise the importance of science and culture to the community.
‘EAM’s redevelopment of the space aims to maintain the continuity of use of these buildings, linking them to active living and the image of a young, knowledge-seeking person, and the decision to create a communal living space here is no coincidence. It is like giving the complex a new lease of life, adapting it to modern needs, while preserving a piece of the former university’s history,‘ says V. Orkinė.
More than 250 high quality apartments and common spaces for all amenities
The complex of more than 9,000 sqm to be converted into shared living spaces comprises four main buildings. More than 250 high-quality apartments are planned. For the convenience of the future residents, a car park will be built nearby and some of the spaces will be adapted for charging electric cars. In the courtyard and throughout the site, there will be seating areas, pergolas, a barbecue area and other outdoor areas that will come alive during the sunny season.
‘Imagine waking up in the early spring morning, taking a walk or an easy jog in the park just a hundred metres away as dawn breaks, or maybe relaxing in the yoga/meditation room? Daily productivity guaranteed! In addition, tenants of this project will have access to a dedicated gym, relaxation areas, quiet rooms for work, a cinema room, an event area and other common living areas, without modern co-living projects are unthinkable,‘ says V. Orkinė.
Not leaving Lithuania behind: actively developing projects in Vilnius
Although a significant part of EAM investments are planned and implemented in foreign markets, the Fund continues to see a rapidly growing potential to invest in the development of residential projects in the Lithuanian capital. Currently, four residential projects belonging to Eika Development Fund are being actively developed: Metų Laikai in Visoriai, Saulės namai in Pilaitė, Nauji peizažai in Kaminkėlio street and prestigious project Senamiesčio Sodai in Sodų street, at the intersection of the Old Town and New Town.
