According to the long-term development plans of Rimi parent company ICA Gruppen, as part of the equity transaction Rimi Baltic has sold the central logistical and office premises in Riga, Deglava Street 161, to East Capital Real Estate Fund IV, by concluding a long-term 15-year lease agreement with the new owners. The purchase price of the 94,000 square meter property which is recently extended and modernised reached 83 million euro.

The most significant transaction in 2023

This acquisition is the largest real estate transaction in 2023 in Latvia and largest purchase of the logistical premise in the Baltics.

Our involvement and team

We are very pleased that thanks to the client’s trust, we were able to participate not only in the construction phase of this logistics and office centre, but also in its sale and leaseback transaction on a basis of the ‘triple net’ principle. The central interest of Rimi in this significant transaction was to ensure legal security equivalent to ownership and freedom of commercial activity within the new lease model, while at the same time setting clear limits of responsibility of owner and lessee.

Our team included our most experienced real estate and commercial law professionals, senior associate Natālija Grāvele, counsel Renāte Purvinska and partner Nauris Grigals. The team was led by partner Lelde Laviņa.

More information about this transaction HERE.