COBALT advises Brivibas parks projekti in the acquisition of property for development

M.M.M. projektai, a real estate development and investment group operating in Central and Eastern Europe, has acquired two real estates at Brīvības gatve 201 and Gustava Zemgala gatve 73, Riga. The transactions are entered between M.M.M. projektai group companies, SIA Brivibas parks projekti and SIA Gustava parks projekti, and the seller, RE Property SIA.

Saule Zabulionute, Board member of Gustava parks projekti SIA and Brivibas parks projekti SIA commented, “The properties with the total area of 2.32 ha and 5.59 ha have been acquired for the purpose of development of an office and residential buildings complex. We plan to develop the territory by 2026. The office spaces with lettable area of 50,000 square metres will be located at Gustava Zemgala gatve, and the residential houses with living area of 100,000 square metres at Brīvības gatve. The investment will reach more than 200 million euros during the next seven years.”

COBALT represented Brivibas parks projekti SIA in the acquisition of property at Brīvības gatve 201, carrying out legal due diligence and drafting transaction documents. COBALT team was led by Managing Partner Dace Silava-Tomsone.