TGS Baltic assisted real estate company AS Retail Mežaparks with the sale of a large land plot in Mežaparks, posh area in Riga, the capital of Latvia, to SIA Plesko Real Estate for the construction of Rimi supermarket. For Rimi supermarket chain this was the largest land purchase in its history. The total area of the real estate in Mežaparks at Ķīšezera iela 6, Riga, Latvia, was 10,190 square meters. The purchase price was EUR 2 million. On 8 July 2020, the parties entered into the purchase agreement and on 29 July 2020 the transaction was registered in the Land Register.
Mežaparks (also known as Kaiserwald in German) is one of the wealthier areas of Riga with a large number of Art Nouveau and Eclectic villas for upper class inhabitants. Mežaparks is also the host to the Riga Zoo, and its parks, playgrounds, sports activities corners and lakeside locale allow for various outdoor and water sporting activities. There are also several open-air stages for concerts and an amusement park in Mežaparks, which makes the neighbourhood a popular summer destination for Riga residents.
AS Retail Mežaparks is a company engaged in the rental and management of leased real estate in Latvia.
Rimi Baltic is one of the largest retailers in the Baltic States. SIA Plesko Real Estate is the real estate company, while SIA Rimi Baltic is the head office and SIA Rimi Latvia is a retail company owned by the Swedish holding Rimi Baltic AB. https://www.rimibaltic.com/
TGS Baltic partner Sandis Petrovičs and senior associate Armands Masulis ensured full transactional support.