Zunda Towers in Pārdaugava put on sale for EUR 220 million

The Zunda Towers project in Pārdaugava is put on sale for 220 million, according to the announcement on the page of Sotheby’s International Realty.
Zunda Towers project developer Towers Construction Management Executive Director Aigars Gerhards told LETA that the main business field of the owner of the complex is not real estate. This means it’s always possible to buy the complex if there is a buyer who is ready to pay the price requested by the owner.
Gerhards did not predict how long it may take to sell the entire complex. He only said that price-wise it will be one of the largest commercial space deals in the Baltics.

“If we find a buyer prepared to pay the price, it won’t take long to settle all legal formalities,” said Gerhards.

When asked if the plans announced a year ago to build a third tower are still on the table, Gerhards said work in this direction still continues. The project is in the stage of coordination.
If a buyer for Zunda Towers is found in the middle of this process, its future will depend on the new owner’s plans, added Gerhards.
As previously reported, Zunda Towers project was commissioned in January 2022. The total volume of investments reached EUR 200 million.
The project’s developer is the company Towers Construction Management, which is indirectly owned by Russian-born businessman Yuri Shefler.
Shefler’s main business is related to the production and distribution of alcoholic beverages.
Information from Firmas.lv shows that Towers Construction Management was registered in 2010. The company’s base capital is EUR 19 844 798. Towers Construction Management operated with a turnover of EUR 2.599 million and profits of EUR 70 601 in 2022.
Zunda Towers complex has a total area of approximately 90 000 m2. It includes apartment and office space. The first five floors, which connect the two towers, are planned to house restaurants, conference halls, cafes and various store space. There are also plans for a fitness centre, a 25 m pool and a SPA.
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