Møller Real Estate Baltic and Møller Eiendom Baltikum, subsidiaries of car dealer Møller Mobility Group, have decided to sell their real estate properties – Møller Auto dealership buildings in Latvia – in order to free up capital for further investments in the Baltic states, the company informed LETA.

According to Izida Gerkena, Head of the Baltic Region at Møller Mobility Group, the decision will not affect the operations of Møller Auto dealerships, as only the real estate is being sold. Until now, the dealerships have rented premises from Møller Real Estate Baltic group companies and will continue to do so from the new owners after the sale. A similar step has already been taken in Estonia and Lithuania.

The properties will be offered for public sale, and the plan is to divest all properties owned by the Møller Real Estate Baltic group companies in Latvia, including the Audi and Volkswagen centers in Riga and Mārupe, the Volkswagen center in Ventspils, as well as several land plots. In Lithuania and Estonia, this process has already been completed.

Møller Real Estate Baltic aims to complete the sales process by 2028, although the exact timetable will depend on market conditions and the completion of development projects.

Gerkena explained that the strategic goal of selling the properties is to release capital for future investments, as the company sees strong potential in the Baltic market. She emphasized that neither customers nor employees will be affected by the decision: all Møller Auto dealerships will remain authorized dealers under long-term contracts and will continue operating as before.

Møller Auto is a wholly owned retail company of Møller Mobility Group. The Møller Auto Group operates in all three Baltic countries, representing the Volkswagen and Audi brands in Latvia and Lithuania, and the Volkswagen and Škoda brands in Estonia. The company also represents Škoda authorized dealers in Latvia and Estonia. The Møller Auto Group in the Baltics consists of 11 companies, with a total audited turnover of EUR 368 million in 2023 and an audited profit after tax of EUR 6.7 million.

In 2024, car dealer Møller Auto Latvia posted a turnover of EUR 100.76 million, up 4.3 percent from 2023, while profit decreased by 22.3 percent to EUR 2.152 million, according to Firmas.lv.

The company was established in 1992 and has a share capital of EUR 5.163 million. Møller Auto Latvia is owned by Norway’s Møller Bil.

Source: BNS

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