The Ireland-based full-service aircraft rental provider “Avia Solutions Group” will invest 25 million euros in the creation of a new office of SIA “SmartLynx Airlines” near the Riga airport, representatives of “SmartLynx” informed LETA agency.
The new “SmartLynx” office will be located in “Kapteinis”, Mārupe. Construction works are planned to be completed by the beginning of 2026.
The project of the new office building of “SmartLynx” was developed by the architectural firm “Kvites arhitekti”. The building is planned to be built on four floors with a total area of 11,000 square meters. There will be a parking lot with a mobility point next to the building, where there will be spaces for charging electric cars, shared cars and other vehicles. The interior of the new office was designed by Lauder Architects.
“SmartLynx Airlines” executive director Edvins Demenus states that the airline has experienced significant growth over the past five years and is currently focusing on restructuring in order to take the next steps in the company’s sustainable development.
“SmartLynx” representatives explained to LETA agency that “SmartLynx” will continue to rent the existing office building “Mazrūdas” in Mārupe district for at least another year and a half. Also, possible scenarios for the future use of the building are currently being evaluated, which is not the responsibility of “SmartLynx”, however, as a tenant of office premises for almost 30 years, “SmartLynx” participates in the process of considering scenarios.
One of the options provides that the building will be available for rent or purchase, and several companies have shown interest in it, SmartLynx representatives noted.
LETA already announced that “SmartLynx Airlines” transported 6.56 million passengers in 2023, which is 52.9% more than in 2022.
The turnover of the “SmartLynx Airlines” group last year was 496.651 million euros, which is 41.7% more than the year before, while the group’s profit increased 2.5 times – up to 22.774 million euros. Meanwhile, the turnover of the parent company “SmartLynx Airlines” last year was 339.027 million euros, which is 44.2% more than a year earlier, but the company’s profit decreased by 5.3% – to 11.089 million euros.
“SmartLynx Airlines” was registered in 1992, and its share capital is one million euros, according to “Firmas.lv” information. The sole owner of the company is SIA “Smart Aviation Holding”, which belongs to “Avia Solutions Group”, whose real beneficiary is the Lithuanian citizen Ģedimins Žiemelis.
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SmartLynx Airlines Takes Flight with New Office in Latvia
So, what’s new in the world of aviation? Oh, just a little airline named SmartLynx Airlines deciding to make a big investment in their future! Based in Ireland—because where else would you find a full-service aircraft rental provider?—the organization will be splashing out a whopping 25 million euros to build a brand new office near Riga Airport. Now, if only they’d invest in a time machine to take us back to when flying was glamorous instead of just a game of “guess which seat will have legroom.”
The new office is set to rise in a place called Kapteinis, Mārupe. They’re planning to wrap up construction by the beginning of 2026—which means they’ll probably finish just in time for our flying cars, right? I mean, who wouldn’t want a futuristic office that’s four floors tall and has enough space for 11,000 square meters of… let’s be honest, likely more cubicles? Can’t wait to see how their “parking lot with a mobility point” gets on with the grand new age of electric cars. Imagine eco-friendly parking for your flying taxi!
The project of the new office building was developed by the architectural firm Kvites arhitekti. Because, apparently, “Big Office” just wasn’t going to cut it in the world of aviation architecture!
Now, for those who keep a keen eye on #OfficeGoals, SmartLynx hasn’t skimped on the interior either. They’ve enlisted Lauder Architects for that fabulous touch we all crave. One question though: can they do something about those fluorescent lights that make every office feel like a cry for help? Seriously, I feel like I need sunglasses just to work in one of those places!
Edvins Demenus, the executive director of SmartLynx, has disclosed that the airline has been doing quite well lately, posting a 52.9% increase in passenger numbers in 2023 compared to the year before. So all that flying must be racking in some serious coin—like a game of Monopoly where everyone else has to keep going past “Go” to avoid jail while they just keep collecting $200. Their turnover last year was an impressive 496.651 million euros, up by 41.7%. I’d say someone’s been polishing their “Welcome Aboard” speech! However, it’s not all butterflies and rainbows, as they reported a decrease of 5.3% in profit for their parent company. A classic case of “increased revenue but still can’t figure out how to balance the books.”
But that’s just how the cookie crumbles in the world of high stakes airlines, isn’t it? From funding a new office in Mārupe to renting an existing one in the cozy district of “Mazrūdas,” it seems they’re making all the smart moves—unless, of course, you count letting “the responsibilities of building evaluations” slip to others. Let’s just hope they’re clear on “the building could be available for rent or purchase” spiel. Because nothing says “we like to read the fine print” quite like a rent-free office that’s still in limbo!
So, while SmartLynx Airlines might be soaring high with their growth and future plans, let’s keep our fingers crossed for absolutely no turbulence in their real estate dealings. And who knows, with all this new office space, they might even install a bar where passengers can down a gin and tonic while waiting for the flight attendants to figure out that one passenger took their seat! Cheers to that!
Stay tuned for more updates on how Latvians are taking to the sky and redefining office life, one quirky investment at a time!
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Avia Solutions Group, an Ireland-based full-service aircraft rental provider, has announced a significant investment of 25 million euros to establish a new office for SIA “SmartLynx Airlines” in close proximity to Riga airport, confirmed representatives of “SmartLynx” to the LETA agency.
The planned “SmartLynx” office will be strategically located at “Kapteinis” in the Mārupe district. Construction efforts are on track, with an expected completion date set for the beginning of 2026, ushering in a new era for the airline’s operational capacity in Latvia.
The architectural firm “Kvites arhitekti” has been commissioned to design the new office building, which will encompass four floors and cover a substantial area of 11,000 square meters. Notably, the design includes a dedicated parking lot featuring a mobility point to support the growing demand for sustainable transport, equipped with charging stations for electric vehicles, shared vehicles, and other modes of transport. The interior layout and aesthetics of the new office are being crafted by Lauder Architects, known for their innovative approach.
“SmartLynx Airlines” executive director Edvins Demenus remarked on the remarkable growth trajectory of the airline over the past five years, emphasizing that the company is currently engaged in a comprehensive restructuring effort aimed at driving sustainable development at every level of operation.
“SmartLynx” representatives explained to LETA agency that the airline will maintain its rental agreement for the existing office in the “Mazrūdas” building, located in the Mārupe district, for at least another year and a half. As part of their commitment to the region, “SmartLynx” is actively involved in assessing various future scenarios for the utilization of this building, even though future decisions will ultimately rest outside of their immediate responsibilities. With nearly 30 years of tenancy in this location, their input is considered valuable.
One potential scenario under consideration includes the opportunity for other businesses to either rent or purchase the building, which has already attracted interest from several companies, according to SmartLynx representatives.
LETA previously reported that “SmartLynx Airlines” achieved a remarkable milestone by transporting 6.56 million passengers in 2023, marking a significant increase of 52.9% when compared to 2022. This exponential growth highlights the airline’s resilience and appeal in a competitive market.
The financial performance of the “SmartLynx Airlines” group also witnessed significant improvements last year, with a turnover reaching 496.651 million euros—a 41.7% rise from the previous year. Profit figures soared to 22.774 million euros, reflecting a dramatic increase of 2.5 times. Meanwhile, the parent company “SmartLynx Airlines” posted a turnover of 339.027 million euros, an increase of 44.2% year-on-year, although the company experienced a slight profit decline of 5.3%, bringing it down to 11.089 million euros.
“SmartLynx Airlines” was established in 1992, with its share capital amounting to one million euros, as noted by “Firmas.lv”. The company is wholly owned by SIA “Smart Aviation Holding,” a subsidiary of “Avia Solutions Group,” which is ultimately benefitted by Lithuanian national Ģedimins Žiemelis.
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Tion, SmartLynx is participating in discussions regarding the building’s future use, which may involve making it available for rent or purchase, given the interest from other companies.
In 2023, SmartLynx Airlines made headlines by transporting 6.56 million passengers, marking an impressive increase of 52.9% from the previous year. This growth is complemented by a substantial rise in turnover, which reached 496.651 million euros—an increase of 41.7% year-on-year. However, it’s worth noting that the parent company’s profits dipped by 5.3%, totaling 11.089 million euros.
Founded in 1992, SmartLynx Airlines operates under the ownership of SIA “Smart Aviation Holding,” which is a part of the larger “Avia Solutions Group” and owned by Lithuanian entrepreneur Ģedimins Žiemelis.
With plans solidifying for the new office in Mārupe, designed by the architectural firm Kvites arhitekti, and emphasizing sustainable development through the inclusion of electric vehicle charging stations, SmartLynx is clearly positioning itself for future growth and innovation in the aviation sector.
As such, the airline’s strategic moves in real estate investment and operational restructuring appear to be paving the way for continued success in Latvia’s aviation landscape.
