Baltic Horizon Fund signed a sales purchase agreement to acquire LNK Centre office property in Riga, Latvia on the 4th of July 2018 with SIA LNK Properties and SIA FIN.LV. The purchase price is approx. EUR 17 million, which corresponds to an entry yield of approx. 6,5 percent. Closing of the transaction is expected to be finalized within one month.
LNK Centre property is an A class office building with a net leasable area of 7,455 sqm. The property is located in Skanste area, which is a new modern business district of Riga. The asset is fully leased to five tenants, of which Exigen Services and LNK Group occupy approx. 90 percent of the leasable area. LNK Group is one of the largest local real estate and infrastructure development and construction companies in Latvia. As part of the transaction LNK Group will extend its lease agreement in the property for 10 years.