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Thursday, 25.04.2024, 09:52
Pillar buys airBaltic’s head office building for EUR 6.2 mln
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"As the size of post-crisis portfolio has been decreasing, Pillar Group has decided to invest its spare resources in real estate with a potential for generating revenue in the future, to compensate the losses incurred from managing the remaining post-crisis portfolio," said Pillar Investment Group CEO Andris Kovalcuks. For that purpose, Pillar established Pillar Investment Group, which invests in cash flow generating commercial properties.
As the new owner of the office building, Pillar Investment Group will also take over the lease agreement with airBaltic.
The Latvian national carrier's head office is situated in the territory of Riga International Airport. The four-floor building's total floor space is 6,217 square meters. It houses 11 conference halls and several meeting rooms. At present, there are 362 office staff working at the building, which is also used on a daily basis by up to 600 pilots and flight attendants.
Pillar is currently managing about 400 properties whose total value is roughly EUR 50 million. The company has so far invested EUR 20 million renovations.
«The Baltic Course» Is Sold and Stays in Business!
