VPH Latvia develops a new retail and service complex in Riga

Real estate developer VPH Latvia is developing a new retail and service complex in Riga, with an investment of up to EUR 9 million. Located at Juglas Street 95, adjacent to IKEA and Sāga shopping centres, the project will consist of four separate buildings with a total leasable area of 3,000 m2, which will house offices, two fast-food restaurants, a car-cleaning service, and a beverage retailer, all built to meet the specific needs of the tenants.

The two fast food restaurants are already open, and the entire complex is planned to open in summer 2023.

The COBALT Real Estate team led by Managing Partner Dace Silava-Tomsone, Partner Toms Šulmanis, and Senior Associate Juta Meimere provided full legal support to VPH Latvia, including legal assistance in the acquisition of the land plot, drafting and negotiating a construction agreement and lease agreements.

VPH develops and manages world-class commercial real estate for international and domestic tenants across the Baltic States.