Hanner Group sells office building “Place Eleven”

Real estate developer Hanner Group has sold the A class office building “Place Eleven” to East Capital Real Estate.

“Place Eleven” is a 16.000 sq. metre office complex located in a rapidly developing part of central Riga, Latvia. The building has low vacancy and is one of Riga’s most sustainable properties with a BREEAM “Excellent” certification.

The building is one of the most energy efficient buildings in the market and it has both a BREEAM “Excellent” certification and an A+ class energy certificate, which qualifies for a Swedbank green loan. High energy efficiency and modern attributes make “Place Eleven” both cost effective and attractive for tenants.

The acquisition price is 53 million EUR.

Hanner Group is a real estate development leader in Lithuania, actively working in Latvia and Romania, having projects completed in Russia and Ukraine.

East Capital Real Estate invests in modern, sustainable buildings located in Eastern and Central Europe.

The client Hanner Group was advised by Ivars Pommers, Ellex Partner and head of real estate practice in Latvia.