State Real Estate JSC (VNĪ) will launch the application process for the auction of the property at 9 Teātra Street, Riga. The property comprises a 435 m² plot of land and a five-storey administrative building with a mansard roof, totaling 1,891.4 m². The starting price for this eclectic Art Nouveau building and its adjoining land is set at €2.71 million. Interested parties may apply for the auction between September 17 and October 17, while information about the property and auction terms is already available at vni.lv.
The property at 9 Teātra Street is one of Old Riga’s Art Nouveau treasures. Built for bookseller and antiques trader K. Zihmanis, the building is richly decorated with eclectic motifs-shells, plant garlands, several Atlantes supporting a protruding balcony, and a mosaic. In the evenings, the corner tower is particularly striking thanks to a sculptural group by August Volz: three Atlantes holding up an illuminated globe. The building was restored in 1989, remains largely in good/fair condition, and since 1992 has housed the Embassy of the Republic of Italy.
“This recognizable property with its iconic Atlantes sculpture is located in a prime Old Riga location, which is highly significant for real estate development. Considering the needs of state institutions and efficient use of financial resources, we have decided to dispose of the property, giving it the opportunity to evolve under new ownership. Given its location and technical condition, we believe that now is the right time for its sale, offering new possibilities for development and use,” said Andris Vārna, Member of the Board of VNĪ.
Applications for the auction will be open from September 17 to October 7, with the auction closing on October 17. Participants must pay a deposit equal to 10% of the starting price by October 7, 2025. More information about the property, its valuation, and auction terms is available at https://izsoles.ta.gov.lv/.
In line with its strategy, VNĪ maintains properties required for public administration in the long term. Properties not needed by state institutions and which generate losses for the state are sold at public auction or transferred to other custodians. Divestment allows properties to gain new uses while providing funds for essential national projects.
About VNĪ
State Real Estate JSC is currently implementing 110 projects with a total investment of €410 million. VNĪ manages 427 building properties comprising 1,089 buildings (0.996 million m² in total), land under buildings of 591 hectares, and 3,261 land plots with a total area of 895 hectares. In 2024, VNĪ received the Platinum Award of the Institute for Corporate Responsibility and Sustainability’s “Sustainability Index” for the fourth consecutive year, confirming consistently high standards of governance and sustainability. Established in 1996, the company is wholly owned by the Ministry of Finance.
Source: vni.lv
