Real Estate & Environment

Ellex Klavins’s expertise in commercial real estate and construction matters derives from advising on the largest and most complex transactional, construction and development projects in Latvia. Our clients benefit from our significant experience in orchestrating complex, long-term projects. The breadth of our client base provides us with knowledge, enhanced by hands-on experience from all perspectives. We have mastered the local intricacies of law related to real estate, but we also know how to combine it with a broader internationally-minded approach. Our environmental law team is the only truly specialized team in the market, enabling us to provide efficient support to our clients.
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
Ellex Klavins advised on 5 out of 10 largest real estate investment deals in 2019
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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.
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.