Linstow Group’s subsidiary Satekles Business Center has completed acquisition from three separate owners of seven interrelated properties adjacent to the upcoming Satekles Business Center in Riga, as Linstow Baltic representatives told LETA.
The total area of newly acquired land plots is 9,358 square meters and the transaction is worth a total of EUR 4 million.
The new, interrelated properties are located in the block between Satekles Street, Dzirnavu Street and E. Birznieka-Upisa Street, with the potential area for construction development amounting to slightly over 25,000 square meters.
Two of the seven land plots are currently partially built-up, and it is planned to preserve or partially reconstruct two historical warehouse buildings on these land plots, while the low-value buildings are due to be demolished. In order to develop a high-quality and comprehensive concept for the area’s development, work on more detailed studies has already begun, said Linstow Baltic.
According to Linstow Baltic CEO Frode Gronvold: “This is a significant addition to our real estate development portfolio in Latvia. For decades, Linstow Baltic has been one of the leading real estate developers, actively promoting the development potential of the Riga Central Railway Passenger Station area. Our consistent and targeted investments in the development of this area, expanding the Origo shopping center and implementing the concept of the Origo One business center, as well as currently developing Satekles Business Center complex, have contributed to the transformation of the neighborhood, making it more attractive to residents, workers and investors. The dynamic development and our strategic vision make the acquisition of these new properties an important and much needed step in strengthening this area as one of the key clusters of commercial buildings in Riga.”
The completion of this transaction has taken a little over a year, and Linstow Baltic is grateful to the legal advisors from Sorainen for their detailed and tactical approach, as well as to the technical advisors from Forma 2 for their competent support in the successful completion of this deal.
As reported, Linstow Baltic has started the construction of the Satekles Business Center office complex covering an area of 12,000 square meters. The new complex will include five interconnected buildings in the block between Elizabetes Street, Ernesta Birznieka-Upisa Street, Dzirnavu Street and Satekles Street and will be part of the Riga Central Railway Passenger Station and the Origo One Business Center neighborhood quarter. The complex is due to open in 2025 and the office spaces spanning 2,200 square meters are already open for tenant applications.
The main building at 2 Birznieka-Upisa Street has already been leased, with SEB bank being its main anchor tenant.
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