EIKA Asset Management (EAM) fund is strengthening its position in the Latvian market and is taking on non-standard projects. The latest of them is the development of co-living spaces, which are currently rapidly gaining popularity in the world. Having invested 20 million euros and acquired a plot of land of more than 3.7 hectares with buildings that previously housed a university, EAM will install more than 250 high-quality apartments and modern common spaces that meet the needs of modern life.
Investing in a new asset segment
According to EAM CEO Viktorija Orkinė, the decision to invest in this project was determined by the fact that the Latvian market is already well known to the Fund and it sees opportunities to invest in unique projects, where competition is currently relatively low.
“We saw an opportunity to invest in a unique project that could create added value not only for the city, but also for people looking for an exceptional place to live. Such widely developed products are still an unfilled niche in Riga, and the demand for them, as in other European cities, is growing,” she notes.
V. Orkinė is convinced that shared living spaces perfectly respond to the modern person’s aspiration to live in communities, to be in the midst of events together with friends and like-minded people, and to have spaces nearby that meet the needs of an active person: “Therefore, the trust of investors and partners in the strategic direction we are creating allows us to confidently enter this property segment.”
Bringing former university buildings back to life
The plot of land with buildings purchased by EAM is located in the historic Āgenskalns microdistrict of Riga. This place is unique both in its history and in its environment, which combines modern city life and being close to nature. The plot, which is more than 3.7 hectares, is abundantly planted with various vegetation, and the adjacent park, recently reconstructed by the city municipality, further enhances the sense of harmony between man and nature and allows you to enrich your leisure time with various activities.
The main historic university building, where lectures organized by the university were held until recently, gives the project a special charm – thus emphasizing the importance of science and culture for the community.
“By reorganizing the spaces, EAM seeks to maintain the continuity of use of these buildings, associating them with an active life and the image of a young, knowledge-seeking person, so the decision to install common living spaces here was not made by chance. It is like bringing this complex to new life, adapting it to modern needs, while preserving a piece of the history of the former university,” says V. Orkinė.
More than 250 high-quality apartments and common areas for all amenities
The complex of buildings with an area of more than 9,000 sq. m, which is planned to be transformed into shared living spaces, consists of four main buildings. They are planned to house more than 250 high-quality apartments. For the convenience of future residents, a parking lot is planned to be installed nearby, some of the places will be adapted for charging electric cars. In the inner courtyard and throughout the territory, it is planned to install recreation areas, gazebos, a grill area and other outdoor areas that would come to life during the sunny season.
“Imagine waking up early in the morning in the spring, taking a walk or a light jog in the park just a hundred meters away at dawn, or maybe relaxing in the yoga/meditation room? Daily productivity is guaranteed! In addition to all this, the tenants of this project will be able to use a gym dedicated exclusively to them, relax in recreation areas, use quiet rooms for work, a cinema room, an event area and other areas dedicated to shared living spaces, without which modern co-living projects are unimaginable,” says V. Orkinė.
Does not abandon Lithuania: actively develops projects in Vilnius
Although a significant portion of EAM’s investments are planned and implemented in foreign markets, the Fund continues to see rapidly growing potential for investing in the development of residential projects in the Lithuanian capital. Currently, four residential projects belonging to the Eika Development Fund are actively being developed: “Metų laikai” in Visoriai, “Saulės namai” in Pilaitė, “Nauji peizažai” on Kaminkėlio Street, and the prestigious project “Senamiesčio Sodai” on Sodų Street, at the intersection of Senamiesčio and Naujamiesčio, is being developed.