Lithuanian fund sells Riga plot meant for co-living project
A fund managed by Lithuania's Eika Asset Management has sold a plot of land in Riga where it had planned a co-living project of more than 250 apartments. The land was bought by local company Adoro Properties.
The "Eika Co-Living Fund", managed by Lithuanian investment company Eika Asset Management, has sold a plot of land in Riga where it had intended to build a co-living project, Lithuanian business news portal Verslo žinios reported.
The plot, sold to Latvian real estate company Adoro Properties, covers 3.7 hectares and includes four buildings previously used by the University of Latvia. The transaction amount has not been disclosed, but the fund paid three million euros for the land back in 2024.
Plans abandoned
When Eika Asset Management acquired the land and buildings in April 2024, it announced plans to build more than 250 apartments along with shared common spaces, with a planned investment of 17 million euros. The entire project was originally due to be completed in 2025, but that deadline was not met.
According to Eika Asset Management head Andrjus Uždavinis, the design process and obtaining a building permit took almost two years. During that time, he said, both trends in Riga's housing market and investment opportunities in other European countries had changed, which contributed to the decision to abandon the project and sell the land.
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