Metro Baltic Horizons is acquiring two development properties in Riga, Latvia and Tallinn, Estonia for EUR 28 mln. After these transactions, the company - which is focused on prime commercial and development in the capital of the Baltic States and St Petersburg, Russia - will have invested 65% of the funds raised during its IPO on London Stock Exchange's Alternative Investment Market (AIM) in December 2006.
Metro Baltic Horizons is acquiring two development properties in Riga, Latvia and Tallinn, Estonia for EUR 28 mln. After these transactions, the company - which is focused on prime commercial and development in the capital of the Baltic States and St Petersburg, Russia - will have invested 65% of the funds raised during its IPO on London Stock Exchange's Alternative Investment Market (AIM) in December 2006.
The total development cost of the two projects, including acquisition, construction and finance is approximately EUR 130 mln. The Riga deal involves the purchase of a 1.7 hectare plot in the Old Town district of the city. Metro Baltic said it proposes to construct three 17-floor towers over a 36-month period. Planning permission has been granted for 50,0000 m2 of gross office space, plus parking.
In Tallinn, the company acquired a 2,200 m2 land plot and has planning permission for a seven-storey, 8,900 m2 building and parking facilities. The first two floors are for retail and the rest for offices.
Last month, Metro Baltic entered into an agreement to acquire a 16,000 m2 complex, mainly comprising offices, in the centre of St Petersburg.