Linstow’s and SEB’s Latvian subsidiaries have entered into a lease agreement under which Linstow Baltic will develop and lease out to SEB Latvia a brand-new business centre to be located at 2 Ernesta Birznieka-Upīša Street in Riga, right across the street from Linstow Baltic’s recent development, the award-winning shopping centre Origo and the business centre Origo One.

The development process has begun with preparatory work, and it is planned that the bank will move its headquarters in Latvia to the new location at the beginning of 2025.

Frode Grønvold, Chairman of the Board at Linstow Baltic, notes that “The cooperation agreement between SEB Latvia and Linstow Baltic is an excellent acknowledgement of Linstow’s strategic vision for the area surrounding Riga Central Railway Station as one of the most important strategic transportation nodes and business development areas in Latvia. Having SEB’s headquarters in the area will further reinforce the strategic importance of this location and pave the way for more office developments as well as retail and service functions in the surrounding area. This cooperation also underpins the importance of both companies’ commitments to sustainability.”

For more about the project, please see HERE.

Our assistance

Sorainen’s Real Estate & Construction Sector team had the privilege of assisting Linstow in the process of acquisition of the property to be developed and leased out, by performing due diligence on the property, preparing the acquisition agreement, and assisting the client in negotiations with the seller, as well as in the process of concluding the lease by preparing the lease agreement and in negotiations with SEB.

Our team

Our team, led by senior associate Jorens Jaunozols, consisted of partners Lelde Laviņa and Valts Nerets, counsel Raivo Raudzeps, senior associates Inese Heinacka and Katrīna Salmgrieze, and associate Elvis Grinbergs.