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.