We advised Lords LB Baltic Fund III, which is managed by the Lithuanian investment company Lords LB Asset Management, on the sale of a logistics centre in Riga to EfTEN Real Estate Fund 4 belonging to Estonian investment company Eften Capital. This is the largest logistics sector transaction in Latvia since 2018. The transaction is expected to close in several months.
The centre, located on Sigulda Street and occupying an area of 50,000 m2, was built in 2008. The centre is currently leased to two tenants: DO IT, a Danish importer and distributor of home furniture operating under the retail name JYSK, and Orkla Logistics, a supplier of branded consumer goods to the grocery, specialized retail, pharmacy and bakery sectors.
According to Efim Hiterer, manager of Lords LB Baltic Fund III: “Bergi LC disposal is an important milestone in our Baltic Fund III exit process. Agreeing on divestment of a second asset in the recent few months shows that our managed assets have a positive demand in the market. We are aiming to continue successfully exiting the fund.”
Our services and project team
The client was advised on transaction-related issues by a joint Lithuanian-Latvian team consisting of partner Kęstutis Adamonis with senior associates Karolis Kunigėlis, Renate Purvinska and Jorens Jaunozols.