Baltic States – CIS, Good for Business, Investments, Latvia, Markets and Companies, Real Estate

The recreational center is a complex of buildings on a land parcel of 4,689 square meters in area. At the moment, the complex houses a nightclub and several restaurants.

Janis Sins, head of Latio Commercial Property Sales Department, emphasizes that the new owners of the complex will still rent it out to various companies offering high-quality recreational and cultural events to the public.

At the moment investors from various countries are increasingly often interested in buying commercial property in downtown Riga. Increasing rent rates also mean that such properties investors buy in Riga will earn more money than they did in the past. Businessmen from Russia and other CIS countries are increasingly active – unlike their colleagues in many other European countries, they have access to funding, including bank funding, on favorable conditions. Businessmen from Estonia are also increasingly interested in buying commercial properties in Latvia, thanks to the adoption of the euro that has created favorable conditions for investments in other countries, explained Sins.

Parex banka sold "Vernisaza" to "Smilsu ipasumi" for LVL 3.8 million in May 2010. Smilsu ipasumi is an association of five Latvia and Panama-registered companies. The bank had bought the property from Raimonda Paula muzikalais centrs Vernisaza in 2001 for LVL 3.8 million.

According to information from Riga municipality portal "Riga.lv", the opening ceremony of Vermanes Park took place on June 8, 1817. The park was established and presented to the city by Anna Gertrude Wohrmann (Vermane).

As the time passed, a mineral water hospital, several stores, restaurants and a music hall were built in the park. On April 10, 1927, the first automobile exhibition in Latvia also took place in the Grand Pavilion of Vermanes Park.

During the soviet times, the mineral water hospital was replaced by a movie theater, storehouses and a kindergarten. The building was empty since 1972, however, in 1996 company Man-tess bought it in order to restore the building and open an entertainment center there.