Investments, Latvia, Legislation, Real Estate

Among the sellable property are five real-estate properties in Jurmala, and 15,000 units of movable property, including books. The starting price of the repeated auction is EUR 3,778,284.17, which is 75% of the original price.

According to Kreics, this is going to be the second auction in a row, as previous auctions included a different set of property.

Since the last auction in March, Kreics has met with several investors who have been introduced with relevant documentation concerning the property. Several investors had shown considerable interest in Ominasis Latvia, which leads to believe that the auction might turn out successful.

If the auction is successful, Ominasis Latvia will be capable of covering the majority of credit claims, which currently amount about EUR 4 million.

The auction will be held on August 12, 2014, at 1 p.m., on Antonijas Street 7-2, Riga.