Austrian insurer snaps up three Riga properties

VIG fund, the real estate investment vehicle of Vienna Insurance Group (VIG), has made its debut in the Baltics with a triple deal in the Latvian capital, Riga.

Financial details were not disclosed.

The fund has acquired three office buildings from Baltic RE Group, at Kalku Street 12, Kalku Street 15 and Brivibas Boulevard 21.

'With this acquisition we continued our strategy to invest in Class A assets in core locations in Central and Eastern Europe. This also underlines the group’s investment approach and sustainable commitment to the region,' said Caroline Mocker, VIG fund's chairperson.

Colliers' Baltics investment team represented the seller in this transaction.

'The transformation of this portfolio, executed by Baltic RE Group, shows that historical buildings can be successfully commercialised, creating value for their owners and sparking the interest of professional investors,' said Angela Kolesnikova, head of the investment department at Colliers Baltics.

'We are glad to welcome the VIG fund to the Baltics with this landmark transaction for the Latvian office market.'

The seller - Baltic RE Group - was founded by Giovanni dalla Zonca and Marco Chioatto in 2008 to create and manage value-add and core portfolios in the Baltics.

'I am proud of having closed such a successful deal with VIG fund. During our negotiations, I realised that we have the same values and the same approach to investments: unique historical assets, unrivalled locations and a prudent long-term view,' said dalla Zonca, chairman of the board, CEO and founder of Baltic RE Group.

Legal assistance was provided by Ellex Klavins for the buyer and Ecovis Convents for the seller.


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