Eastnine finalises sale of two Riga properties for €38m

Swedish real estate company Eastnine has completed the sale of two properties in central Riga, Latvia: Alojas Biroji and Zala 1.

Alojas Biroji, Riga

The transaction, previously announced on 20 April, was finalised for €38 mln.

These properties have a combined leasable area of approximately 13,700 m2. The buyer is Indexo Real Estate Fund, managed by Provendi Asset Management. The sale price includes fund units in Indexo Real Estate Fund valued at just over €6 mln, resulting in an increase of €12 mln in Eastnine's cash and cash equivalents.

Following this sale, Eastnine's remaining holdings in Riga consist of the investment property Valdemara Centrs, which spans 8,800 m2, and the Kimmel project property.