Orkla Eiendom sells former Riga Black Balsam and Riga’s Raugs factory buildings
Orkla Eiendom has sold the joint-stock company Alvo Park to the real estate developer JSC Baltic RE Group with its subsidiary, the main asset of which is the real estate of the historical “Riga Black Balsam” and JSC “Riga’s Raugs” factories located in Pulkveza Brieza Street 27, Riga.
Covering an area of more than 1.5 hectares, there are several buildings with a total area of 17,000 square meters, including a five-storey factory building.
The building was built in 1847 according to a project involving architects such as Gustav Winkler, Karl Felsko and Wilhelm Bokslaff. Albert Wolfschmidt established a “Wolfschmidt vodka and yeast factory” in the building, and production of “Riga Black Balsam” began in this building.
During the post-war period, the factory completely switched to yeast production and operated throughout the Soviet era. In the summer of 2008, yeast production was stopped, and the plant was closed.
Orkla Eiendom is a company responsible for the development of properties freed up as a result of the restructuring of Branded Consumer Goods, and the development of the Orkla Group’s new head office.
The client Orkla Eiendom was advised by Maris Brizgo, Associate partner at Ellex in Latvia.