Cobalt has advised Hili Properties on its EUR 20 million acquisition of the holding company of the Riga shopping center. Sorainen reportedly advised the seller.
"The 7,863 square meter complex on Stirnu street sits on a 21,580 square meter plot in one of the city’s most densely populated residential areas," Cobalt informed. "The property has been in commercial operation for 15 years and features Swedish-owned supermarket giant Rimi as its anchor tenant."
Hili Ventures subsidiary Hili Properties manages commercial real estate for lease in several European countries, including the Baltic countries.
"We are thrilled with this latest acquisition in Riga, particularly as it meets our investment strategy criteria: long-term leases, a renowned anchor tenant, and stable cash flow generation from the first day of entry into our portfolio," Hili Properties Managing Director George Kakouras commented. "The property is a landmark in the city, and it is with great pride that we take over its management. We are looking forward to working with the tenants and building a relationship with every one of them, the visitors to the shopping center, and the local community."
The Cobalt team included Managing Partner Dace Silava-Tomsone, Partners Edgars Lodzins and Ugis Zeltins, Counsel Andrejs Lielkalns, Senior Associates Juta Meimere, Ivo Maskalans, and Inga Tenisa, and Associate Krista Helmute.
Editor's Note: After this article was published, Sorainen confirmed it had advised the seller, Lords LB Baltic Fund III. The firm's team included Lithuania-based Partner Kestutis Adamonis and Senior Associate Julija Kirkiliene and Latvia-based Partners Lelde Lavina and Jorens Jaunozols and Counsel Renate Purvinska.