Sorainen Advises Baltic Horizon on Acquisition of Upmalas Biroji Office Building in Riga

Sorainen has advised Baltic Horizon, an investment manager focusing on specialized real asset investment strategies in Northern Europe, in signing a purchase agreement to acquire an office building in Riga from German developer Bauplan Nord, which was advised by bnt. Closing is expected to be finalized during the third quarter of 2016.

This is the second of Baltic Horizon’s deals following its listing on Nasdaq Tallinn in July, and the second object in the portfolio located in Latvia’s capital. Post-closing, Baltic Horizon’s portfolio will consist of seven objects worth over EUR 125 million. 

Upmalas Biroji was constructed in 2008 by Bauplan Nord. The net leasable area is over 10,500 square meters. 

“We are very satisfied to be able to complete another attractive office acquisition after the initial public offering with strong tenants and are now looking forward in the coming months to declaring the first dividend in the history of the listed Baltic Horizon Fund,” said Tarmo Karotam, the Baltic Horizon fund manager. "Additionally, this acquisition works very well from the diversification and risk management point of view, both geographically and segment wise."

Sorainen's team was led by Partner Eva Berlaus included Senior Associates Aija Lasmane and Janis Bite and Associate Jorens Jaunozols.

BNT did not reply to our inquiry about its work on the matter.

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Last modified onTuesday, 02 August 2016 08:43
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