KS Holding, a subsidiary of Finnish listed conglomerate Kesko, has announced the sale of Ozols Centres in Riga to the Finnish Special Mutual Fund Titanium Baltic Real Estate for a price over €40 mln.
The 30,000 m2 scheme is let to several tenants and includes the Kesko-Senukai flagship store for Latvia.
The asset, at the time called Galerija Azur, was acquired by KS Holding in 2016 and redeveloped into a DIY destination store. It opened again in June 2019.
Saulius Merkys, KS Holding CEO and Partner at Zabolis Partner responsible for real estate, commented: ‘This sale verifies our venture’s strategy for building new Kesko-Senukai stores across the Baltics. I strongly believe in this site and am pleased that Kesko-Senukai operating results are confirming our decision.’
The sale generated a double digit return for investors. Financing for the development was provided by Luminor Lithuania.
KS Holding is jointly owned by the Finnish retailer Kesko, their Baltic partner Arturas Rakauskas, and the investment Group Zabolis Partners.
