Banks, Financial Services, Latvia, Legislation, Real Estate

Historical building in Doma Square at 23 Pils Street, Riga.

Verbal auction of the former headquarters of Krājbanka, located at 15 Jāņa Daliņa Street, will take place on April 28, 2014 at 21 Kr. Valdemāra Street. Auction starting price is EUR 11 500 000.

Deniss Kairāns, Head of Colliers International Latvia, speaks about the potential of the buildings: “The Class A office building at 15 Jāņa Daliņa Street is in good technical condition and is located in an area which is rapidly developing and is becoming a business centre of Riga. This building might be of interest to both investors who intend to lease it out to various tenants, and to institutions looking for premises to be acquired for own business needs. Small investments will be needed in order to continue using this building for office purposes, but the average level of monthly rent rate for such offices may reach EUR 12-14 per sq.m. We also view the operating costs of the building positively, as they are on a competitive level.”

The second building is located in a prestigious place - Doma Square, at 23 Pils Street. “It is a multi-functional space with a unique location. The new owner may keep it as an office building or transform its function and adapt it to host the hotel business,” comments Deniss Kairāns. The verbal auction of this building is expected to take place on June 2, 2014 with the starting price of EUR 7 000 000.

To receive all the necessary information, register, receive the Auction Rules and apply for a visit to the building, bidders are invited to contact the auction organiser’s, Colliers International, representative Angela Kolesnikova, Riga, 21 Kr. Valdemāra Street, during business hours from 9:00 till 18:00 (e-mail: angela.kolesnikova@Colliers.com, tel.: +371 6778 3333).