East Capital sells Zemitana Office Building in Riga

East Capital Real Estate Baltic Property Fund has completed the sale of the Zemitana Office Building, a four-storey office property located in Riga, Latvia. The property, situated just five minutes by car from the city centre and well-connected by public transport, was sold for a total price of €1.825 million.

Acquired by the fund in 2006, the Zemitana Office Building comprises a total gross area of 6,068 square meters, with a land plot of 1,952 sqm. The buyer, Barona 104, SIA, an SPV operated under the brand www.homecare.lv, plans to transform the building into rental apartments, marking a shift from its previous commercial use.

“This transaction represents another successful divestment for East Capital Real Estate Baltic Property Fund, which continues to strategically manage its portfolio across the region,” says Maris Smiltenieks, Country Manager in Latvia, East Capital Real Estate.