The total area of the real estates located at Lāčplēša iela 74, Lāčplēša iela 76, Visvalža iela, and Visvalža iela 3 in Riga, Latvia, is 32,256 square metres. The area and the location of the real estate in the vicinity of important Rail Baltica infrastructure objects (the railway station and train traffic nodes) correspond to the development of large-scale shopping centres and office buildings and other large-scale projects in the centre of Riga. The purchase price was 6.5 million euros. On 23 May 2022, the parties concluded a purchase agreement, and on 20 June 2022, the transaction was registered in the Land Register of Latvia.
The real estate is located in the bohemian Avoti district of Latgale suburb of Riga. In 1898, the land plot hosted Stepan Klimov's glue factory, later – factory “Kompresors”, which completely ceased its operations in 1999. Thereafter the factory complex was demolished for the construction of new multifunctional buildings.
SIA City Development Company is a company engaged in the development and management of real estate in Latvia.
SIA Riga Properties 3 is a part of the Estonian real estate developer group ESTMAK CAPITAL OÜ. The investment and development company ESTMAK CAPITAL OÜ is engaged in the development of innovative, high-tech, and high-quality residential and commercial real estate projects in the Baltics. The main direction of the company is “green construction”. The main goal of green construction is to reduce the level of consumption of energy and material resources throughout the life cycle of the building. Other projects of ESTMAK CAPITAL OÜ in Riga, Latvia, are Mežaparka Terases, Ķeizarmežs Komplekss, and Capital City. Previously, the group has also developed and sold such shopping centres as Sāga, Rimi Valdemāra, and Rimi Tilta.
TGS Baltic partner Andra Rubene, senior associate Aija Kreicberga and associate Anna Vaivade ensured full transactional support for this deal.