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Ellex Klavins Advises New Hanza Capital on Acquisition of Riga Office Buildings

Ellex Klavins Advises New Hanza Capital on Acquisition of Riga Office Buildings

Latvia
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Ellex Klavins has advised New Hanza Capital, acting via its NHC 2, SIA subsidiary, on the acquisition of three office buildings on the territory of Latvia's former State Electro-Technical Factory from Salvus 6, SIA, a subsidiary of DNB Bank.  

New Hanza Capital, AS — a member of the ABLV group — was founded in 2006 to invest its own and third party funds, to sustainably raise revenues from the lease of premises, and to ensure the increase of property value and capital gain in the long term. Its majority shareholder is ABLV Bank, AS, which owns 88% of the company’s shares.

According to Ellex, the VEF territory is now being developed as a new quarter for business, culture, entertainment and creative activities. The firm reports that "the acquired site has the status of cultural heritage and has a high potential for development."

The total value of the transaction is EUR 8.46 million. The overall floor area of the acquired office buildings, which are located in Riga at Brivibas Gatve 214B, Brivibas Gatve 214M, and Berzaunes Iela 1a, is approximately 25,000 square meters. Intrum Justitia Software Development Centre, SIA and Accenture Latvian branch are among the most prominent tenants in the buildings.

The Ellex Klavins team was led by Partners Ivars Pommers and Inita Jurka.