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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
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
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