AS Baltic RE Group – the real estate investor specialized in the creation and management of value-add and core portfolios in the Baltics since 2008, signed a large real estate office deal in Latvia, selling part of his Riga’s portfolio to insurance giant Vienna Insurance Group which acquired three landmark office properties in Riga at Kalku street 12, Kalku street 15 and Brivibas boulevard 21. The deal defines a new benchmark in the market and demonstrates the huge potential in the smart historical buildings segment in Latvia.
Colliers Baltics investment team has represented the seller in this transaction. Legal assistance was provided by Ellex Klavins for the buyer and Ecovis Convents for the seller.
“I am proud of having closed such a successful deal with VIG. We had talks for quite a long time and it allowed me to realize we have the same values and the same approach to investments: unique historical assets, unrivalled locations and prudent long term view. VIG is for sure the best possible player to pass the baton of owning buildings we have a special feeling toward. We will by the way continue our cooperation in future as on one hand we have been chosen to manage the sold properties and as the experienced common values can be a solid basis for further future achievements. About us, I can say that we will continue to significantly invest in the region in the coming years, being convinced that Riga and Latvia - which allowed us to invest with extraordinary success in a highly professional environment - represent a great opportunity as a destination for prime long-term investments.” says Giovanni dalla Zonca, chairman of the Board, CEO and founder of Baltic RE Group.
The Vienna Insurance Group is an international insurance group headquartered in the Austrian capital and listed on the Vienna Stock Exchange. Besides Austria, VIG places a clear emphasis on Central and Eastern Europe as its home market. With total assets of over EUR 50 billion, the group operates around 50 insurance companies in 25 countries, including Baltics.