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SRE: The first stage of renovation works of Latvian Riflemen's Square is coming to a close – the renovated part is open to the public

16.05.2022

SJSC “State Real Estate” (SRE) informs that in frame of the renovation works of the Latvian Riflemen’s Square – Riga City municipality territory – the 1st stage out of three renovation works stages is being finalised. The Square with the renovated cover is available to the public from 13 May, informs R. Griškevičs, Chairman of the Board of SJSC State Real Estate (SRE).

SRE commenced the renovation works of the parts of Latvian Riflemen's Square belonging to the Riga Municipality in November 2021. Alongside the dismantling of the construction fence and the opening of the square to the public, renovation of the hard cover supporting layer has been concluded in the majority of the territory, 90% of the old concrete plates have been replaced, installing new granite borders and restoring the historical Swedish pavement.

Renovation works of the Latvian Riflemen’s Square are planned in three stages – in order to fully complete the first stage, lighting columns currently still being located behind the fence will be installed by the end of summer. SIA “Kvinta BCL” is performing the first stage of works under the management of SRE. During the second stage, for which the tender will be announced in the coming weeks, renovation of the cover belonging to the Riga Municipality territory and lighting on the Daugava side is planned, whereas the third stage – renovation of the part of the square on the side of Riga Technical University – the municipality will perform itself.

Territory of Latvian Riflemen's Square partially belongs both to the state and municipality. In 2021, SRE concluded the renovation of the Museum of the Occupation of Latvia, reconstructing the museum building and creating an expansion “House of the Future”, as well as setting up the Memorial to the Victims of the Soviet Occupation. In the frame of the works, SRE renovated the territory under the management of the state around the museum and memorial, afterwards SRE took up the initiative to organise the renovation of the cover in the adjacent Riga City municipality territory.

The total costs for the improvement of Latvian Riflemen's Square are approximately EUR 600 thousand, which are covered mainly from European Structural Funds (ERDF) (85%), Riga City Council (12%), and state grants (3%). Renovation of the square is one of the first examples of joint cooperation between the state and municipality. Cooperation between the SRE and Riga Municipality is already being implemented during the renovation and improvement works of the Daile Theatre forecourt.

SRE currently continues working on 46 different national construction sites, with a total project budget of more than 230 million euros. The company provides professional real estate management and administration for approximately 365 real estate properties consisting of 1100 buildings with a total floor area of 0.95 million square metres, along with land beneath the buildings covering 602 hectares and more than 3536 land properties with an area of 903 hectares. SRE is one of 23 Latvian companies that has received the highest platinum award as part of the Sustainability Index of the Institute of Corporate Responsibility and Sustainability, confirming the good governance and sustainability of its operations. The company was founded in 1996 and is 100% owned by the Ministry of Finance of the Republic of Latvia.