Riga Norge is a consortium of property companies who were initiated by Norwegian investors starting as early as 2005.
Today there are two active companies left. These are Riga Retail comprising two shopping centers in Ogre and Rezekne, and Riga Kungu which is a development project in the Old Town of Riga. The two companies have combined almost 200 shareholders spread across Norway. The current objective for the two companies is to bring out the optimum market value for the shareholders.
We have seen a very challenging property market in Latvia since the spring of 2008. We have seen the bottom of the market and the re-bounce will take some time. This will require patience and endurance by management and the shareholders to realize the potential in these properties. We believe we have a clear strategy and plan to accomplish for both companies.