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
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Ilga Gudrenika-Krebs

Partner

+371 6781 4848
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Inita Jurka

Partner

+371 6781 4848
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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 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.
 
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.