EfTEN Real Estate Fund 4 acquired office campus in Riga from Hanner Group Jaunā Teika for €131m, which makes it the largest office deal in Latvia to date.
The campus consists of four office buildings, of which Ausma, Teodors and Henrihs were completed after 2016 and Valters in 2009. Gross leasable area of the campus is about 59,000 sq m and the area has 1,102 parking spaces. Jaunā Teika district is a great community of more than 6000 likeminded people who have chosen to work or live here or visit the contemporary amenities this district provides. Jaunā Teika team will keep on providing the established lifestyle in our coworking spaces Teikums, conference centre Fantadroms and fitness centre SQUAD Hour.
The transaction was advised by Colliers Baltic Investment team and financed by SEB. It is expected to be closed in December 2021 after acquiring necessary approval from Latvian Competition Authority.
“We are proud that we managed to connect two professionals with such great trust and ambition when it comes to Baltic real estate market. Back in 2009, when Hanner constructed first office building in this location, it required strong vision to keep working towards creating space and community which Jauna Teika is today. EfTEN saw value and potential of this property right away and we are confident this will be a great addition to the fund’s portfolio. I am looking forward to see how Jauna Teika will continue to grow under new ownership,” says Angela Kolesnikova, Partner and Head of Investments at Colliers.
Jaunā Teika is located in Riga’s VEFRESH area that has historically been and still is the home of technology enterprises in Latvia. The area is located within a 10-15 minute drive to Riga’s historical city center.About 50 tenants are located in Jaunā Teika buildings, including financial services companies DNB Bank, BIGBANK and Intrum, insurers Gjensidige and BTA, IT companies TietoEVRY and Accenture, co-working company Teikums, chemical companies Cabot and Solvay.