Metro Baltic Horizons, the property investment company focusing on office and residential developments in the Baltic State capitals and St Petersburg in Russia, said it has agreed to purchase a 14-hectare site in Riga, Latvia, for an initial amount of EUR 10 mln. Completion of the transaction is expected within the next two months. The site is currently zoned for mixed use but the company believes that it could also be destined for residential developments, conditional on rezoning. The development will feature about 100,000 m[sup]2[/sup] of space, for a construction cost estimated at about EUR 200 mln.

Metro Baltic Horizons, the property investment company focusing on office and residential developments in the Baltic State capitals and St Petersburg in Russia, said it has agreed to purchase a 14-hectare site in Riga, Latvia, for an initial amount of EUR 10 mln. Completion of the transaction is expected within the next two months. The site is currently zoned for mixed use but the company believes that it could also be destined for residential developments, conditional on rezoning. The development will feature about 100,000 m2 of space, for a construction cost estimated at about EUR 200 mln.

Metro Baltic said that this is its fourth transaction since seeking a listing on London's AIM market last November. Following this initial payment, the company will be fully invested, having committed more than 95% of its IPO proceeds. 'Riga continues to offer significant value for well-positioned buyers with meaningful local development capabilities and we are pleased to have expanded our portfolio with this quality acquisition,' said chairman Robin James.