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Tet Ltd sells an administrative building at Citadeles 9a to Baltic RE Group in a successful e-auction


Baltic RE Group

 - an experienced real estate investor that specializes in the creation and subsequent realization and management of value-add and core portfolios in the Baltics – has recently acquired an administrative building located in Riga city center at 9A Citadeles street sold by Tet Ltd. The 1100 sqm large 3-storey building built in 1965 and partially renovated in 2014 stands on more than 2000 sqm of land in the very city center of Riga. Property was acquired from an e-auction completed on August 26, 2020. Colliers has helped to analyze and present the property to potential buyer on behalf of Tet Ltd. Legal advice to the Buyer has been provided by Aivars Blumins, “Ecovis Convents”.


Since 2008, Baltic RE Group invests in the Baltics with a highly focused vision to create a long term stable value in the properties they choose for the protfolio. The business model of Baltic RE Group is based on the purchase of historical buildings in prime locations and strategically important crossings, followed by high quality renovation works and further lease of the premises to solvent tenants.


“I am especially pleased when Colliers has an opportunity to find a new owner for the property that requires reconstruction or renovation, as each such transaction helps to refine our beautiful city. With Baltic RE Group acquiring building at Citadeles 9A, one more spot in the city center will be improved and eventually will become a unique office space with park view and outdoor space on the bank of the Riga City Canal,”- comments Angela Kolesnikova, partner and investment director at Colliers Baltics.


“We are extremely satisfied about this acquisition. - says Giovanni dalla Zonca, CEO and founder of Baltic RE Group - This crisis is teaching us that we have to put again the people at the center of our decisions. In light of the important changes that will take place in the way of living the offices, we intend to bring a completely new concept to Latvia. We have long been looking for a property with these characteristics, where to create an innovative proposition to make working spaces more pleasant and creative. The property at Citadele Street has unconquerable characteristics: it will be surrounded by greenery, and we will renovate the quay on the canal, where areas for relaxation and qualitative leisure will be created. We will present the concept by November. In the meantime, we have defined the name of the building: will be "Il Giardino" , to fully express an idea of enjoying - while working - a unique lifestyle environment.”

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