OREANDA-NEWS. SPI Group announced the sale of ‘’Sovremenni Kvartal’’, the company’s property development group in Russia. The transaction included SPI’s property management and development units as well as a construction site with appropriate building permits and approvals.

Following this divestment, SPI Group is currently focusing its real estate activities on the development and construction of Z Towers, a prestigious multi-function complex in Riga, Latvia - one of the largest and most modern construction projects in the Baltic region. The futuristic development, which features two distinctive 30-story towers rising at 125 m high, will be comprised of luxury residential units, A-class offices, retail, conference facilities, restaurants, bars, spa, international school and a kindergarten. As part of the development program, SPI is also restoring surrounding Unesco historic buildings located in the heart of historic Riga.