Latvia, Markets and Companies, Real Estate, Woodwork

Just a few years ago, foreigners were not in vast majority among the forest owners in Latvia. Now they are – much like the situation with rural owners – with foreign companies buying dozens of thousands of hectares of forest in Latvia over the past twelve months, writes LETA.

The state-owned Latvijas Valsts mezi (Latvian State Forests) still remains the largest forest owner in Latvia with a total area of forests of 1.6 million hectares.

However, there now are only three local companies among the ten largest forest owners in Latvia.

Latvia's eighth largest forest owner, Meza fonds was recently acquired by the Estonia-registered Anrema Grupp from Jelgava Region businessman Zigmars Trapencieris.

Foreign companies also account for most new forest acquisitions over the past twelve months. Swedish company Bergvik Skog AB subsidiary Myrtillus added a total of 18,000 hectares to its forest holdings.

Foran Real Estate, a company that belongs to Sweden's SPP Livforsakring AB and Norway's Storebrand Livsforsikring AS, increased its forest properties by 3,571 hectares last year.

Riga municipal company Rigas mezi owns forests in a total area of 39,999.88 hectares, followed by Foran Real Estate with 37,571.65 hectares, Myrtillus with 37,509.37 hectares, Fragaria with 12,581.1 hectares, Sodra mezs with 8,188.56 hectares, Empetrum with 4,745.51 hectares, Ruda with 4,453.23 hectares, Meza fonds with 4,438.16 hectares, Latvijas Finieris mezs with 4,161.735 hectares, and Kursa MRU with 3,213.68 hectares.