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Cobalt Advises VPH on Development of Shopping Complex in Riga

Cobalt Advises VPH on Development of Shopping Complex in Riga

Latvia
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Cobalt has advised real estate developer VPH on the development of a shopping complex on the site of the former Riga Dairy Factory, in the center of Riga, with a total investment of up to EUR 40 million.

The VPH Group develops and manages commercial real estate across the Baltic states.

According to Cobalt, “the project will include offices, a catering sector, a kindergarten, a sports and health center, and other services. The former Riga Dairy Factory site of 4.7 hectares at Valmieras Street 2, Riga was acquired in May of this year with the financial support of Rietumu Banka. The developer plans to complete the design by mid-2023, start construction and open the new complex in the second half of 2024.”

In 2021, Cobalt advised VPH Latvia on developing another shopping center in Riga, with a total gross leasable area of 4,300 square meters and a planned investment amounting to approximately EUR 8 million (as reported by CEE Legal Matters on July 9, 2021).

Cobalt’s team included Managing Partner Dace Silava-Tomsone, Specialist Counsels Andrejs Lielkalns and Edgars Pastars, and Senior Associate Juta Meimere.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.