Latvia’s Riga City Council may revise its property tax policy to address the issue of abandoned and empty shopfronts in the Old Town, LSM reports. Also, the city council has invested EUR 1.5mn in promoting Riga as a tourist destination and will launch a major redevelopment project for two streets in the Old Town to…
Lithuanian real estate developer Hanner will take over the project to build a new national stadium in Vilnius, the city’s mayor, Valdas Benkunskas, announced, BNS reports. Vilniaus Daugiafunkcis Kompleksas, the original concessionaire on the project, is managed by private equity fund management company BaltCap, which is mired in a major embezzlement scandal. Under the new…
The state-run development agencies of the three Baltic States have signed an agreement to increase bilateral and trilateral cooperation, ERR reports. The agreement will allow the Estonian Centre for International Development (ESTDEV), Latvia’s Central Finance and Contracting Agency (CFLA), and Lithuania’s Central Project Management Agency (CPVA) to share information and expertise more effectively. The three…
The UAE-based private real estate investment firm, Eagle Hills, plans to invest more than EUR 3bn in the Latvian capital, Riga, over 10-15 years, LSM reports. The company plans to develop an area of around 57 hectares in Riga’s Andrejsala neighbourhood, building more than 6,500 new apartments, outdoor spaces, and a new passenger terminal at…
