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In 2022, SRE continues its work on the development of state real estate


In 2022, SJSC State Real Estate (SRE) has developed 37 buildings at 11 addresses throughout Latvia. At the same time, SRE has taken over 44 degraded buildings in 19 properties under its management, with the total number of environmentally degrading buildings from class A to C reaching 182, says Andris Vārna, Member of the Board of SRE.

SRE continues determined efforts on improving the quality of the state's real estate portfolio, developing scenarios for the preservation and sustainable development of valuable properties. In 2022, SRE expropriated 27 environmentally degrading buildings at 19 real estate properties, providing them with new development opportunities, and excluded four buildings at Slokas iela 52A from the State Land Service cadastre. Continuing the cleaning and development of the territory in the Sun Garden in Mežaparks – in 2022, six environmentally degrading buildings were dismantled – at Ezermalas iela 24/26 and Ezermalas iela 28 B.

“SRE promotes the sustainable management and development of state real estate, including the creation of a high-quality state real estate portfolio. The capital company seeks solutions for the arrangement and development of buildings that degrade the environment or gives them the opportunity to take on a new life under the management of new owners. One of the ways that the company contributes to the sustainable development of the portfolio is the expropriation of properties unsuitable for state administration and the transfer of the obtained funds for the development and maintenance of other properties under its management. For example, in 2022, SRE expropriated the former prosecutor's office building at 113 Dzirnavu iela, Riga, for 1.2 million euros and the industrial building at 26 Ganību dambis, Riga, for 909 thousand euros,” says A. Vārna.

The number of properties under the management of SRE is variable, as there is a continuous process of expropriation, transfer of properties to municipalities and taking them over from the possession of ministries and municipalities, as well as other state institutions, thus ensuring the effective management of state properties and updating of the portfolio of state properties. In accordance with the company's strategy, when the properties come under the management of the SRE, their condition is assessed, a survey of institutions is carried out, the possibilities of using them for public administration purposes are identified, and scenarios for sustainable development of the property are considered.

With the aim of ensuring even better quality of property management, since the beginning of 2021, together with representatives of the industry and the Ministry of Culture, we are also working on the development of unified cultural heritage criteria for immovable properties, which will help determine the further development opportunities of various immovable properties that have been granted cultural heritage status, balance areas of responsibility, as well as highlight opportunities for attracting funding. Long-term maintenance of properties that the state does not need and properties without a specific purpose is expensive. It is rational and economically justified to invest in buildings when the purpose and content of their use is clear. The goal of SRE and the industry is to find a common understanding with regard to the preservation of cultural and historical values preserved in state property and the distribution of responsibilities, so that in the near future there will be an opportunity to bring life back to properties such as Teter’s House at Brīvības iela 61, Riga and Mežotne Palace.