Financial Services, Latvia, Real Estate

"The acquisition of shares in TER Properties shares is the first step in developing Baltic RE Group's strategy to expand its range of activity by investing in properties with high standard and extraordinary historical quality in the neighborhood of Riga's Old Town and the [so-called] Quiet Center," representatives of Baltic RE Group said.

After acquisition, TER Properties will become part of Baltic RE Group.

The core business activity of TER Properties is management and strategic development of its subsidiaries. TER Properties, through its fully owned subsidiary BB 21, owns real estate at 21 Brivibas Boulevard in Riga.

According to Firmas.lv business information website, previously TER Properties had 13 members, including Panagia Investments (25%t), Hibelt (14.875%t) and Italian-registered Sorada Holdings S.R.L. (12.5 percent). Now Baltic RE Group holds 91.11 percent and Sorada Holdings S.R.L. 8.89 percent of TER Properties.

Baltic RE Group closed 2016 with a profit of EUR 26,300 or multiple times less than in 2015 but its audited turnover grew 27.9 percent to EUR 4.144 mдn.

Baltic RE Group business lines are purchase and sale of real estate, its lease and management. The holding is the largest lessor of all-purpose high quality commercial areas with state-of-the-art facilities in Old Riga. Baltic RE Group is investing in the Baltics with a long-term view, highly specific vision and a non-speculative approach for the creation of sustainable value.

The Nasdaq Riga stock exchange started listing bonds of Baltic RE Group on the Baltic Bond list as of December 16, 2016.