Sorainen has advised Lords LB Baltic Fund III, managed by the Lithuanian investment company Lords LB Asset Management, on the sale of a logistics center in Riga to EfTEN Real Estate Fund 4.
According to Sorainen, “the center, located on Sigulda Street and occupying an area of 50,000 square meters, was built in 2008. The center is currently leased to two tenants: DO IT, a Danish importer and distributor of home furniture operating under the retail name JYSK, and Orkla Logistics, a supplier of branded consumer goods to the grocery, specialized retail, pharmacy and bakery sectors.”
The transaction, which was described by Sorainen as the largest logistics sector transaction in Latvia since 2018, is expected to close in several months.
Sorainen’s team included Partner Kestutis Adamonis and Senior Associates Karolis Kunigelis, Renate Purvinska, and Jorens Jaunozols.
Sorainen did not identify counsel for the sellers.