Baltic Horizon Fund signed an agreement to acquire LNK Centre office property in Riga, Latvia. The purchase price is approx. €17m, which corresponds to an entry yield of approx. 6,5%. The transaction is expected to be finalized within a month.
LNK Centre property is an A-class office building with a net leasable area of 7,455m². It is located in Skanste area, is a new modern business district of Riga. The asset is fully leased to five tenants, with Exigen Services and LNK Group occupying approx. 90% of the leasable area.
LNK Group is one of the largest local real estate and infrastructure development and construction companies in Latvia. As part of the transaction, LNK Group will extend its lease agreement in the property for 10 years.
