Capital Mill has sold the Valdemara office building in Riga, Latvia, to the Swedish listed real estate company Eastnine for c.€25m. Located in the heart of the old town of Latvia’s capital city, the asset comprises roughly 8,500m² spread over eight storeys. Office space is leased to more than 10 international tenants, including well-known names such as Rimi, Workland, Colliers, Oracle, Sorainen, PwC and others. It’s one of very few old town office properties enjoying the availability of underground parking.
This business centre in the old town is one of the first modern office buildings in Riga and has always attracted best-in-class tenants. The building is situated near the National Museum of Art, the Congress Hall, Central Park, an Art Nouveau district, embassies and other key attractions. It also enjoys close proximity to the central bus station and the Port of Riga.
“We are happy with our successful exit from Valdemara BC investment made by Capital Mill in 2013. Since it’s acquisition, we focused on turning the property around and adding value through active management. We are proud that our job was appreciated by international and local investment community”, said Marko Kull, partner at Capital Mill.
