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.
“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.