EfTEN Capital acquires A class office building in Riga city centre.
EfTEN Capital expanded Latvia’s real estate portfolio by acquiring in auction A class office building in Lāčplēša street 20A. That is the fifth transaction of the asset management company of EfTEN Capital in Latvia.
EfTEN Real Estate Fund, managed by EfTEN Capital, acquired its third commercial building in Riga. The building was constructed in contemporary modern style- in glass and marble. In the year 2006, the building architect company received Riga architecture Year award for commercial and office building in Lāčplēša 20A.
The building was built in 2005 according to the highest technological requirements for Class A buildings. A high end finishing as well as a high level of technological equipment offers the highest comfort of tenants.
"The acquisition of “Terbatas Biznesa Centrs“ contributes to the diversification of our fund portfolio -- adding a high quality, income producing office asset in Riga City Center” EfTEN Capital Latvia manager Viktors Savins said.
Located at the corner of Lāčplēša and Tērbatas street, “Terbatas Biznesa Centrs” is an example for environmental sustainability and state-of-the-art building systems.
“EfTEN strategic plan is to increase investments in Latvia. Therefore Lāčplēša iela 20A is a good addition to our portfolio”, said Viljar Arakas, fund manager.
By offering the highest bid in amount of 9 mio EUR EfTEN Real Estate Fund's SPV SIA Emilix was announced as auction winner and entitled to recieve property title within 60 days.
EfTEN Capital SIA was jointly established in April 2013 by two founders- “EfTEN Capital” AS from Estonia and “NEWCOM” SIA, marking EfTEN Capital expansion into Latvian market. This is fifth property under EfTEN Capital management in Latvia.
SIA NEWCOM is majority shareholder in the companies involved in real estate development, construction and property management business in Latvia. SIA Newcom group daughter company SIA Newcom Development, later merged with Prime Capital, was established in August 2012 as acquiring company in reorganization of SIA Arco Development – Estonian Arco Vara AS subsidiary in Latvia.