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 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.
 
We successfully represented SIA Verus Praedium (IKEA) in a litigation case
SIA Verus Praedium, an IKEA franchisee group company in Latvia, continues to develop real estate in the Stopiņi district next to the IKEA store. As a result, several natural persons appealed the detailed plan approved by the Stopiņi County Council for a proposed new shopping center.
 
Ellex Klavins Partner Ilga Gudrenika-Krebs and Senior Associate Anete Dimitrovska represented the client in administrative court, and in June 2019 obtained a positive temporary non-regulatory decision, which allows for further implementation of the detailed plan. Therefore, Verus Praedium Ltd. is able to continue the development of this real estate without delay.