Agriculture, Financial Services, Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Tuesday, 07.07.2020, 16:00

Latvia: Land Fund has acquired 200 properties for EUR 14 mln in 9 months

BC, Riga, 15.10.2019.Print version
The Land Fund of the Development Financial Institution Altum in the first nine months of this year has acquired 200 land properties, investing in total EUR 14 million, Altum representatives reported.

The total area of the acquired land properties is almost 5,000 hectares, including 130 properties in an area of 2,900 hectares acquired in a contract on rent and buyback of the property.

Altum informed that demand for the Land Fund services remains high and has a growing trend. The number of transactions has doubled y-o-y.

Currently the Land Fund portfolio has 636 agricultural lands in an area of 12,700 hectares, and the total investments in them reach EUR 35 mln, while 237 properties in an area of 5,000 hectares have been acquired in contracts on rent and buyback of the property.

"The acquired properties are returning into circulation very soon - all properties are leased for farming. Still we see that demand for lease exceeds the supply," said Land Fund head Ina Alksne.

The Land Fund of Latvia launched operations on July 1, 2015. The fund was created in order to promote the agricultural land's protection, availability and preservation, as well as efficient and sustainable use thereof at a national level.

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