Hanner Group sells Business Centre Jaunā Teika for EUR 131 million
Ellex real estate team in Latvia represented the Lithuanian real estate developer Hanner Group in the sale of office complex Jaunā Teika in Riga to EfTEN Real Estate Fund 4 for the amount of approximately 131 million euros.
The buyer notes that this is EfTEN’s largest transaction to date and the second largest real estate transaction in the history of Latvia. The transaction is contemplated to be closed in December 2021, when the approval by the Competition Council is received.
The business center Jaunā Teika comprises four office buildings with a total leasable area of about 59,000 square meters and it currently has about 50 tenants. Jaunā Teika is a strategically important property in Riga, it is located in the VEFRESH area, which has historically been and still is the home of various Latvian technology companies.
In the course of the transaction the client was advised by the Head of Ellex Latvia Real Estate Practice Ivars Pommers, Partner Inita Jurka, Senior Associate Zane Miglane, and Associate Ineta Kanepe.