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Colliers Investment team has helped to sell Place 11

Place 11 office building entrance

Leading real estate manager in Central and Eastern Europe East Capital has acquired Place 11 business center located in Skanste area in Riga. Colliers represented the interests of the seller - Hanner group - in this transaction. The transaction volume is 53 mln EUR, which happens to be the largest commercial real estate transaction in Latvia this year up to now and the first prime property deal in Latvia since the start of the war in Ukraine.

Developed as a green A class office building from its foundation, Place 11 office building represents efficiency, sustainability, and superior quality, creating an excellent environment for innovative business development. A 24,600 m2 large office building is fully occupied offering a diverse mix tenants representing insurance, fintech and IT industries, such as BTA Vienna Insurance Group, Ecommpay, Visma and others. The business center has got over 250 car and 90 bicycle parking spaces in a multi-storey underground and overground parking. The green roof top terrace offers outstanding city views and creates a unique work and social space.

“It has been a pleasure to represent Hanner Group in this transaction. Developed and commissioned in 2016, Place 11 office building has been recognized as “The Most Sustainable Project in Latvia” of 2015 and was also the first project in Latvia to achieve BREEAM Excellent certification. Even today Place 11 can compete with the newer office projects when it comes to overall cost efficiency, thus making this a great strategic investment for East Capital,’ comments Angela Kolesnikova, partner and head of investments at Colliers Baltics.
 

Related Experts

Angela Kolesnikova

Partner | Director | Investment

Riga

My area of expertise includes, but is not limited to:

• Real estate investment advisory;
• PanBaltic Asset disposal process coordination and property marketing organization;
• Analysis of cash flow and development projects for investment purposes;
• Financial and competition analysis; 
• Risk and overall performance evaluation; 
• Strategy development and negotiations;
• Real estate auction organization.

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