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
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Ilga Gudrenika-Krebs

Partner

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Inita Jurka

Partner

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What's new in field
We advised on the development and opening of the first IKEA store in Latvia
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Key projects in the field

We advised BTA Insurance Company on an investment transaction in a multifamily residential sector in Riga
02.03.2021
 
BTA Baltic Insurance Company has acquired a large residential portfolio in Riga from real estate private equity company Rentejas. It is the largest portfolio transaction in the multifamily residential sector in Latvia to date. The portfolio includes 7 residential buildings in three locations comprising 170 tenanted units that are well-located in the central part of Riga.
 
The parties have agreed to keep the investment value undisclosed. This is the first investment for the BTA Baltic Insurance Company of such a large scale in the private rented residential portfolio in Riga.
 
The client was advised by Ellex Klavins partner Ilga Gudrenika-Krebs, foreign counsel Zinta Jansons, senior associates Anete Dimitrovska and Anna Misneva, as well as associate Kristers Losans.
 
BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania, and Estonia.
 
SIA Rentejas is a Latvian and Austrian company specializing in rental house reconstruction and management, which also provides full range of property management services.
 
More information (in Latvian) is available here.
We advised SG Capital Partners Fund I in the acquisition of Riga’s top logistics complex
01.03.2021.
 
SG Capital Partners Fund I has completed the acquisition of 90,000 m2 logistics complex near Pļavinieki / Dreiliņi districts by acquiring shares in SIA Beinits and SIA Balt Cargo Solutions from the group of private investors. The logistics complex is fully leased to a number of well-known local and international tenants, including Depo, Latvijas Balzams, Via 3L, Tamro, TOP and many others.
 
Ellex team in Latvia advised the buyer SG Capital Partners Fund I on the transaction process. The team included partner and head of real estate practice group Ivars Pommers, partner Inita Jurka, senior associate Zane Miglāne and associates Ineta Kaņepe, and Marats Golovkins.
 
Parties have agreed to keep the transaction terms and price confidential.
 
SG Capital Partners Fund I is Alternative Investment Fund registered in Latvia and is managed by SG Capital Partners AIFP. Fund’s assets exceed EUR 140 million and include one of the largest Riga’s office complex – Skanstes City. Fund investors are Baltic pension Funds.
 
Read more here.
We advised Capitalica Asset Management on signing contracts with the construction company Merks for the construction of the Verde business center
SIA Hanzas 14, owned by the SBA investment management company Capitalica Asset Management, has signed an agreement with the construction company Merks on the construction of Verde: a class A business center in the prominent Skanste district of Riga. The contract value for two construction phases exceeds 48 million euros.
 
The construction of Verde will begin in July of 2020. The first stage includes construction of an office building and an underground parking lot with a total area of ​​29.5 thousand square meters. The first part of work is planned to be completed in 2022. The start of the second phase of construction will be decided within 12 months from the date of signing the contract. The second phase includes construction of an office building with a total area of ​​15.6 thousand square meters. The entire complex is expected to be completed in 2023.
 
The client was advised by partner Ivars Pommers and associate Marats Golovkins.
 
Capitalica Asset Management manages Capitalica Baltic Real Estate Fund I, which is the sole owner of SIA Hanzas 14.