The Latvian and Lithuanian offices of Ellex have advised the Lithuanian investment company UAB Prosperus Strategic RE Fund on its acquisition of the 7250-square meter Mezciems shopping center in Riga and a 1,650 square-meter store in Vilnius. The Ecovis law firm advised the sellers on the Latvian sale.
According to Ecovis, "the [Riga] sale was done as the sale-acquisition of 100% shares in Latvian legal entity Bikernieki Properties LLC, which is the owner of the center. The sellers are different entities with Canadian, Netherlands, and Lithuanian origin."
According to Ellex, speaking about both acquisitions, "these transactions helped the investment fund to grow its managed portfolio and lease income more than 50%."
The Ellex Valiunas team in Lithuanian was led by Senior Associate Donna Montvydaite, while the Ellex Klavins team in Latvia was led by Head of Real Estate Ivars Pommers, Partner Inita Jurka, Senior Associate Inese Freivalde, and Associate Zane Miglane.
The Ecovis team was led by Senior Partner Aivars Blumins.