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Colliers International said that the transaction has amounted to almost EUR 1 million and become the largest investment transaction in the street retail segment over the past five years.

The building was built in the 18th century upon the project of architect Nikolay Herzberg. Since 1992, the legendary watch store Sturitis has been situated on these premises.

Hesburger plans to open another fast-food restaurant on these premises, investing EUR 400,000 in its development, said Ieva Salmela, Hesburger Development Director.

She explained that Riga and its central district in particular is the most strategically advantageous area for business development due to the high customer flow. “In addition, our sales figures show that the restaurants located in the center of Riga attract more customers, therefore opening a new restaurant on these premises will be a benefit to both our clients and the company as a whole,” she said.

The suitable premises were found and the transaction was advised by Colliers International.

Hesburger was founded in 1966 and is currently operating in nine countries with a total of 445 restaurants. The first Hesburger fast food restaurant in Latvia was opened in 2004, and at present the number of restaurants in Latvia has reached 45.