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Eastnine closes acquisition in Riga

Anna Pakulniewicz 09 April 2018

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

Eastnine closes acquisition in Riga
Alojas Biznesa Centrs is a class A office property built in 2009
LATVIA Eastnine has completed the previously announced acquisition of Alojas Biznesa Centrs, a class A office property in Riga.

Eastnine bought the centre from LNK Group for EUR 24.8 mln. The transaction also comprised the acquisition of two adjacent properties for EUR 4.8 mln. The total purchase price came to EUR 29.6 mln and corresponds to a yield of app. 7 pct. The acquisition will add around EUR 2.4 mln in annual rental income.

Alojas Biznesa Centrs is a class A office property built in 2009 with a gross leasable area of 9,000 sqm on Kr. Valdemāra iela, one of the main arterial streets in Riga, which is close to both the city centre and the developing CBD in Skanste. The property is fully leased to tenants such as Luminor (previously Nordea), Ellex Klavins, Uralkali and Uralchem. The other two properties included in the transaction (the Alojas Kvartals retail property and a B class office at Alojas iela) are both fully leased and offer a combined leasable area of 2,800 sqm. The two properties could eventually be used to extend Alojas Biznesa Centrs.

Eastnine to finance the purchase from its own equity.

Eastnine is a Swedish investment company with a net asset value of EUR 242.5 mln and is listed on Nasdaq Stockholm, Mid Cap.


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