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Tuesday, 03.06.2025, 10:05
Ektornet sells "Panorama Plaza" complex in Riga
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This is one of the largest deals in Latvian real estate over the past four years, said Rozina. The amount of the contract and the name of the investor that has bought "Panorama Plaza" will not be made public as yet.
"We are pleased with the successful sale and the desire of the new investor to continue the project according to the original plans, including the completion of construction of both remaining towers. We have prepared all documentation to facilitate the commencement of the construction works for the new owner," said Ektornet CEO Andris Kovalcuks.
The sale includes 120 apartments, associated parking lots, the third tower (not yet completed), as well as a plot of land for a fourth tower. It is planned that construction of the third tower will be resumed and the construction of the fourth tower will be commenced as soon as practically possible.
"So far Ektornet offered the finished apartments for both sale and rent. Therefore the concluded sale means that the investor will obtain not only the unsold apartments, but also apartments that were rented. We have informed all tenants regarding the planned change of owners," added Kovalcuks.
The "Panorama Plaza" trade and commercial centre, where premises are offered for rent, still remains under the ownership of Ektornet.
"Panorama Plaza" is a complex of residential multistory buildings with additional buildings comprising a trade and commercial centre. Initially four multistory towers were planned in the project situated on Lielirbes Street, yet only two have been completed. Construction of "Panorama Plaza" started in 2005. Ektornet became the owner of "Panorama Plaza" after the object developer Latmes building was proclaimed insolvent in 2011.
Ektornet is a real estate company established by the Swedbank group in 2009. The company's core business is to acquire, manage and sell real estate in residential, retail, office and industrial segments.
At the end of this past June, the total value of Ektornet properties in Latvia was LVL 147.6 million, or 2.1% more than in June 2011.
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