COBALT advised Hili Properties on the EUR 20 million acquisition of Riga shopping centre

Hili Properties plc, the strategic real estate investment subsidiary of Hili Ventures, has completed the share purchase of the holding company of a prominent shopping centre in Riga, Stirnu street. The total investment in this newest addition to Hili Properties’ portfolio – its seventh shopping complex in the Latvian capital – is 20 million euros.

The 7,863 square metre complex on Stirnu street 26 sits on a 21,580 square metre plot in one of the city’s most densely populated residential areas. The property has been in commercial operation for 15 years and features Swedish-owned supermarket giant Rimi as its anchor tenant. The shopping centre has more than 250 parking spaces for customers.

Hili Properties owns and manages strategic commercial real estate for lease in several European countries, including the Baltic countries. With this latest acquisition, Hili Properties’ portfolio value grows to 155 million euros, and its leasable area extends to just under 100,000 square metres.

COBALT provided full legal support to the purchaser, including the legal due diligence of the target, drafting of transaction documentation, representation in negotiations and obtaining merger clearance from the Competition Council of the Republic of Latvia.

The investor was advised by Managing Partner Dace Silava-Tomsone, Partners Edgars Lodziņš and Uģis Zeltiņš, Specialist Counsel Andrejs Lielkalns, Senior Associates Juta Meimere, Ivo Maskalāns, Inga Tenisa and Associate Krista Helmūte.

Hilli Properties press release.