Cobalt has advised M.M.M. Projektai, a real estate development and investment group operating in Central and Eastern Europe, on its acquisition of real estate at Brivibas Gatve 201 in Riga from RE Property SIA.
The acquisition was made through M.M.M. Projektai group company SIA Brivibas Parks Projekti. A different M.M.M. Projektai company, SIA Brivibas Parks Projekti, acquired a property at Gustava Zemgala Gatve 73, also in Riga, also from RE Property SIA.
Saule Zabulionute, board member of Gustava Parks Projekti SIA and Brivibas Parks Projekti SIA, explained that “the properties (with a total area of 2.32 hectares and 5.59 hectares) have been acquired for the purpose of development of an office and residential buildings complex. We plan to develop the territory by 2026. Office spaces with lettable area of 50,000 square meters will be located at Gustava Zemgala Gatve, and residential houses with living area of 100,000 square meters at Brivibas Gatve. The investment will reach more than 200 million euros during the next seven years.”
Cobalt's team representing Brivibas Parks Projekti SIA in the acquisition of property at Brivibas Gatve 201 was led by Managing Partner Dace Silava-Tomsone.