  Lifshitz space-times with critical exponent z=2 can be obtained by
dimensional reduction of Schroedinger space-times with critical exponent z=0.
The latter space-times are asymptotically AdS solutions of AdS gravity coupled
to an axion-dilaton system and can be uplifted to solutions of type IIB
supergravity. This basic observation is used to perform holographic
renormalization for 4-dimensional asymptotically z=2 locally Lifshitz
space-times by Scherk-Schwarz dimensional reduction of the corresponding
problem of holographic renormalization for 5-dimensional asymptotically locally
AdS space-times coupled to an axion-dilaton system. We can thus define and
characterize a 4-dimensional asymptotically locally z=2 Lifshitz space-time in
terms of 5-dimensional AdS boundary data. In this setup the 4-dimensional
structure of the Fefferman-Graham expansion and the structure of the
counterterm action, including the scale anomaly, will be discussed. We find
that for asymptotically locally z=2 Lifshitz space-times obtained in this way
there are two anomalies each with their own associated nonzero central charge.
Both anomalies follow from the Scherk--Schwarz dimensional reduction of the
5-dimensional conformal anomaly of AdS gravity coupled to an axion-dilaton
system. Together they make up an action that is of the Horava-Lifshitz type
with nonzero potential term for z=2 conformal gravity.
