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

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
Ellex Klavins advises on the opening of an IKEA store in Riga
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Key projects in the field

Ellex Klavins advises Baltic Horizon Fund on the acquisition of the LNK Centre office building
Ellex Klavins advised the public real estate fund Baltic Horizon in order to acquire an A class office building with a net leasable area of 7,455 square metres. The property is located in the new modern business district of Riga - Skanste area. The asset is fully leased to five tenants, of which Exigen Services and LNK Group occupy about 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.
 
The sales purchase agreement with SIA LNK Properties and SIA FIN.LV was signed on the 4th of July 2018 however closing of the transaction is expected to be finalized within one month. The purchase price is approximately EUR 17 million.
 
Ellex Klavins team advised on various aspects of the deal and was led by the Head of Real Estate practice Ivars Pommers. The client was also consulted by Partner Inita Jurka, Associates Zane Miglāne and Ineta Kaņepe.
 
Baltic Horizon Fund is a regulated closed-end contractual investment fund registered in Estonia and managed by Northern Horizon Capital AS, a subsidiary of Northern Horizon group. Baltic Horizon is the first public real estate fund listed on Nasdaq Tallinn exchange. Baltic Horizon Fund units are also listed on Nasdaq Stockholm.
Ellex Klavins advises SG Capital Partners Fund I on the acquisition of the office building "Duntes nami"
Ellex Klavins represented the commercial real estate fund SG Capital Partners Fund I in the acquisition of the office building “Duntes nami” in Riga (Duntes street 3) from the seller East Capital Baltic Property Fund AB. The total area of the property is more than 12 thousand square meters.
 
Ellex Klavins began work on the project in April 2018 and the transaction was completed at the end of June 2018. The transaction was carried out as a share purchase and included a complex refinancing of the target’s loan commitment in cooperation with Luminor Bank. The Ellex Klavins team advised on all aspects of the deal, starting with in-depth due diligence of the property and the target company, structuring the transaction, negotiation and execution of the transaction.
 
Ellex Klavins team was led by the Head of Real Estate practice Ivars Pommers, and the client was also advised by Partner Inita Jurka, Associates Anete Dimitrovska and Ineta Kaņepe.
Ellex Klavins advised Eastnine in the acquisition of Alojas Biznesa Centrs
On February 2nd Eastnine AB announced that it has signed an agreement to acquire Alojas Biznesa Centrs from LNK Group for EUR 24.8m. Alojas Biznesa Centrs is one of the highest quality properties in central Riga.  The agreement also includes the acquisition of two adjacent properties for EUR 4.8m. The total purchase price is EUR 29.6m. The transaction is expected to close in Q1 2018 and would add approximately EUR 2.4 million to Eastnine’s annual rental income. It is the first transaction of Eastnine AB in Riga and it will fit well with Eastnine’s strategy to build long-term positions in the A class office markets in the Baltic capitals.
 
Ellex Klavins advised Eastnine AB on the transaction and provided the client with a full scope of legal services, including due diligence, transaction, corporate structuring and tax advice. The team was led by head of real estate practice Ivars Pommers and the client was also advised by partners Inita Jurka and Zinta Jansons, senior associates Henrijs Niedra and Reinis Sokolovs and associates Ineta Kaņepe and Kristiāna Matuzeviča.
 
Eastnine AB is a Swedish investment company with a net asset value of EUR 232m. The company is currently transitioning into a focused Baltic real estate company, with an aim to generate predictable cash flows as a long-term owner of attractive commercial properties in prime locations in the Baltic capitals. Eastnine AB s listed on Nasdaq Stockholm, Mid Cap.