Development of an 8,800m² rentable office building in central Riga by a joint venture comprising Skanska International Building and the City of Riga. The proceeds will be used to construct the first international-standard business centre in the Baltics.
The project will help to ease the shortage of modern office accommodation in Riga, thereby promoting inward investment in Latvia and supporting the development of international and domestic enterprises. It is also hoped that the limited recourse financing techniques and the public-private partnership established for the project can become a model for property development projects in the region.
The client is Valdemara Centre SIA, a limited liability company established by Riga City Council and Skanska International Building AB in July 1996 to develop, construct and operate a business centre in Riga, Latvia. The sponsor of the project is Skanska International Building AB, the principal international construction subsidiary of the Swedish company Skanska AB.
The EBRD will provide a senior loan of US$ 4.75 million (ECU 3.71 million), a subordinated loan of US$ 1.52 million (ECU 1.19 million) and a subordinated Standby Facility of US$ 0.4 million (ECU 0.31 million).
An additional US$ 4.75 million (ECU 3.71 million) of senior debt will be provided by co-lenders.
US$ 19.5 million (ECU 15.2 million).
The project has been screened B/0, requiring an environmental analysis of the proposed development. The analysis, which was undertaken by the project sponsor, examined the environmental efficiency of the design of the building, nature of the technology and construction materials used, environmental impacts associated with construction and environmental considerations during the operation of the building. On the basis of the environmental analysis the following positive environmental features will form part of the project:
Legal compliance: Construction will be undertaken in accordance with Latvian, Swedish and EU worker health and safety legal requirements and standards. Environmental permits have been received from a number of local authorities, including the Regional Environmental Department. Other building permits have been applied for and are expected before the end of 1996.
Fire safety: The development will comply with all local fire, safety and emergency procedures. Sprinklers will be installed throughout according to authorities' requirements.
Safety features: The latest developments in installation and safety techniques will be applied to the complex.
Energy efficiency: Energy conservation measures will form a major part of the project along with the provision of clean air filtration systems.
Lighting: Lighting will be installed to a very high standard and the building will have full climatic comfort.
Noise: Appropriate measures to reduce noise emissions, particularly from cooling plants, will be taken to ensure minimal noise disturbance to surrounding buildings and houses.
Global Issues: Ozone-depleting substances will not be used; the chiller plant will use non environmentally damaging R 407.
Hazardous substances: No environmentally damaging materials or substances (asbestos, formaldehyde, oil-cooled transformers etc.) will be used in the construction. The risk of legionella will be minimised by the use of air-cooled condensers.
Environmental standards: To meet high standards of health and safety and to reduce environmental impacts during the construction phase, the Valdemara Centre will adopt Skanska's corporate policy and procedures. Noise and dust levels will be kept to a minimum level.
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