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Logistics center near Rīga changes hands for €16.5m

Estonian real estate fund EfTEN Capital has bought a large-scale logistics center in Ķekava on the outskirts of Rīga, the company announced January 6.

Located in the outskirts of Riga and next to the Via Baltica highway, the building houses several tenants, including logistics companies Trialto Latvia and DHL, Tele2, SEB Banka AS and the SEB Shared Service Center in Riga. The building was commissioned in 2007 and its gross area amounts to about 39,000 square metres, the entire land plot area being about 10.3 hectares.

Viljar Arakas, CEO of EfTEN Capital AS said the location at the crossroads of different trade routes and good access to Rīga made it a valuable asset.

“For the fund, it’s also a very attractive transaction when considering the purchase price per square metre,” added Arakas.

With the acquisition, EfTEN Real Estate Fund 4 made its first investment in the logistics segment. The transaction is valued at €16.5m. and the Riga office of Colliers International acted as the transaction’s advisor.

EfTEN Capital group of companies manages 43 commercial real estate buildings and claims the total market value of the real estate assets under its management is around €750m.

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