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Eagle Hills adds to its Europe portfolio: Abu-Dhabi based real estate developer Eagle Hills will invest EUR 3 bn to redevelop a beachfront in Riga, the capital of Latvia, Bloomberg reports, citing the company. The project, Riga Waterfront, will be built in phases, with the handover slated for sometime in the next 10-15 years, Bloomberg says, citing the Riga City Council.
About the project: Riga Waterfront will host 8k homes, 1k hotel rooms, a cruise terminal, and retail and entertainment facilities along a 5 km stretch in the old port area. It will also include schools, community centers, and public spaces, all equipped with waste management systems and energy-efficient buildings to promote sustainability, the company said.
Plus Latvian residency for investors? A EUR 250k investment in the new development could potentially grant buyers residency in Latvia, the company said, though Bloomberg notes that the government had tightened oversight of the program and had planned to phase it out. Latvia and the UAE are negotiating an investment protection agreement, with a UAE delegation — including Foreign Trade Minister Thani Al Zeyoudi — meeting with the Latvian PM and President earlier this week.
Eagle Hills has been expanding its reach in recent months: The Abu Dhabi-based developer agreed in March to invest EUR 5 bn to develop a railway station in Budapest, with the details of the project expected to be worked out in 1H 2024. Eagle Hills also acquired Croatian hotel group Suncani Hvar from Czech-based real estate company CPI Property Group for an undisclosed sum in November 2023.
IN OTHER INVESTMENT NEWS-
Venture capital firm Shorooq Partners reached first close on its second USD 100 mn venture debt fund, Nahda Fund II, with backing from regional and Korean investors, according to a company statement. The fund was launched with the USD 6 bn Korean private equity firm IMM Investment, which will also become a minority partner in the fund, Bloomberg writes.
About Nahda II:The fund aims to deploy USD 100 mn in early-stage, high-growth startups and enterprises in the Saudi and UAE markets. Nahda will focus on tech firms with top line profitability and fast growth, which demonstrate the ability to pay back the venture debt.
