Real Estate & Construction

We lean on our extensive experience when advising on every stage of important real estate construction and development projects – from structuring, documenting and negotiating joint ventures, to obtaining permits and approvals compliant with local land use, public law, and environmental regulations. Working collaboratively and across borders, we help to ensure planning and execution of precise solutions in the most complex projects.
Key projects in the field

Key contacts

Ivars Pommers

Partner

Head of Real Estate Practice
+371 6781 4848
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86aXZhcnMucG9tbWVyc0BlbGxleC5sdiI+aXZhcnMucG9tbWVyc0BlbGxleC5sdjwvYT4=:xx

Ilga Gudrenika-Krebs

Partner

+371 6781 4848
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86aWxnYS5ndWRyZW5pa2Eta3JlYnNAZWxsZXgubHYiPmlsZ2EuZ3VkcmVuaWthLWtyZWJzQGVsbGV4Lmx2PC9hPg==:xx

Inita Jurka

Partner

+371 6781 4848
crypt:PGEgY2xhc3M9ImVtYWlsIiBocmVmPSJtYWlsdG86aW5pdGEuanVya2FAZWxsZXgubHYiPmluaXRhLmp1cmthQGVsbGV4Lmx2PC9hPg==:xx
What's new in field
We advised on the development and opening of the first IKEA store in Latvia
Read more

Key projects in the field

We advised on the sale of real estate for the development of a new shopping center
We provided legal advice to SIA Verus Praedium (VP) where VP sold 14.45 hectares of land to SIA Riga Retail Park (RRP) for RRP development of the new shopping center “Saga”. The shopping center will be located beside the IKEA store near the border of Riga and Stopiņi district.
 
The Client Verus Praedium (owner of the IKEA store in Latvia) was represented by partner and attorney-at-law Ilga Gudrenika-Krebs. Attorney-at-law Anete Dimitrovska and senior associate Inese Freivalde advised on the transaction as well.
Ellex Klavins advised on 5 out of 10 largest real estate investment deals in 2019
Colliers International (global real estate services and investment management company) has announced the top 10 real estate deals in 2019 in Latvia.
 
Ellex Klavins advised 5 out of 10 top deals, including the two largest transactions  - Baltic Horizon Fund acquisition of Galerija Centrs shopping center  and VIG Fund acquisition of a portfolio of three buildings in central Riga. In addition, we also advised Eastnine on the acquisition of Valdemara Centrs and Kimmel Quarter and Hipo Fondi Asset Management on the sale of Anninmuizas boulevard 40A.
 
''For the second year in a row, Ellex Klavins real estate experts have represented clients in half of the top 10 deals, including the largest one in 2018: SG Capital acquisition of the SWH office center. We highly appreciate the opportunity to advise on these major projects in Latvia and thank  our clients for the successful cooperation,'' comments Ivars Pommers, Head of Real Estate Practice at Ellex Klavins.
 
More information is available here.
We advised Eastnine on office property acquisition in Riga
26.09.2019
 
Eastnine AB (publ) has signed an agreement to acquire the office property Valdemara Centrs located in the centre of Riga. The purchase price amounts to EUR 25 million and the transaction is expected to be closed in the fourth quarter 2019. In connection with the acquisition, Eastnine will establish its own organization in Latvia.
 
The purchase price corresponds to EUR 2,900 per square meters and an initial yield of 6.2 percent. The property is fully leased to about ten tenants, including law firms and accounting firms.
 
The acquisition enables Eastnine to almost double its portfolio in Riga and also to establish its own organization on site.
 
The transaction will be financed with a combination of own cash and bank loans. After the acquisition, Eastnine will own three properties in Riga totalling approximately to 20,000 square meters.
 
Ellex Klavins team provided legal advice to Eastnine on the transaction.