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

Ilga Gudrenika-Krebs


+371 6781 4848

Inita Jurka


+371 6781 4848

Key projects in the field

We advised Hipo Latvian Real Estate Fund I on the sale of Anninmuizas Shopping Centre in Riga
Ellex Klavins advised Hipo Latvian Real Estate Fund I on the sale Anninmuizas, a retail shopping centre located in Riga, to Lumi Capital. The transaction consisted of a sale of shares in SIA “Anniņmuižas iela” – the company owning the shopping centre.
Hipo Latvian Real Estate Fund I is a closed-end investment fund of Altum, the Latvian state-owned development finance institution. The sale of the Anninmuizas shopping centre was the last divestment of the Fund, which will now be undergoing liquidation, due to maturity.
We advised ELKO Group on Sale of Office Building Complex to Corum Origin
In late 2018, the office building complex located at Riga, 4 Toma iela, owned by ELKO Group was acquired by Corum Origin which is controlled by Corum Asset Management.
The total footprint of the ELKO office building complex is 10 271 m2, including an expansive warehouse facility. Upon selling the building ELKO concurrently entered into a long-term lease contract for 15 years with the new owner of the building.
ELKO Group is one of the major companies in the Baltics and one of the leading distributors of IT products, household electronics and solutions in Central and Eastern Europe (CEE). The consolidated turnover of ELKO Group exceeded EUR 1.4 billion in 2017.
This is the first investment by Corum Asset Management in Latvia, and the second one in the Baltics. Corum Asset Management is a fund manager incorporated in France, which makes investments in real estate in 15 European countries through its funds, and next year it is contemplating investments in Northern Africa as well. The overall volume of assets held by Corum was close to EUR 2 billion at the end of 2018.
Legal representatives of ELKO Group in the sale of the building were Partner Inita Jurka, and Associate Zane Miglāne.
More detailed information is available here.
We advised SG Capital on acquiring the SWH office complex
Commercial real estate fund SG Capital Partners Fund I KS has acquired SWH Office complex located on Skanstes street in Riga CBD. The office complex consists of 8 buildings that after renovation would have 40,000 m2 of leasable space and 850 parking places located on more than 4ha freehold land plot.
Harijs Švarcs, CEO of SG Capital comments: “The office complex is a good addition to the nearby Duntes Nami office building (7300m2) we acquired in June this year. Altogether it becomes the largest office complex in Riga with excellent CBD location, impressive scale and more than 25,000m2 of further development potential.”
SG Capital Partners Fund I KS is a commercial real estate fund managed by the investment management company SG Capital Partners AIFP (SG Capital). The fund makes investments in cash flow generating retail and office real estate projects in Baltics States.
Ellex Klavins provided full spectre of legal advice to the client, including due diligence, preparation of transaction document, carrying out negotiations, advising on lease and construction contract matters and ensuring the execution of the transaction. The client was advised by partner Inita Jurka, associates Ineta Kanepe and Zane Miglane. All transaction terms, including the price, are confidential.