Italian-owned Baltic RE Group has acquired an historic office building, dating from 1913, in Riga from BPT Secura.
Italian-owned Baltic RE Group has acquired an historic office building, dating from 1913, in Riga from BPT Secura.
The financial details were not disclosed.
The office building on Kalku 15, situated on the central Freedom square in the Latvian capital, changed ownership on 15 January 2013.
The 5,114 m2 office building features impressive art nouveau-inspired grand stair case.
Acquired originally in November 2003, the sale of Kalku realizes a considerable capital gain of 32% on the original acquisition price equivalent to a return on investment on the property of 11.3%.
BPT Secura is managed by BPT Asset Management. The fund originally consisted of 11 retail, office and logistics properties across Lithuania, Latvia and Estonia, totalling 100,000 m2 of prime property. One property was sold in early 2012 and the process is expected to continue throughout 2013.
