Advised a client on the sale of a shopping centre located in a refurbished former radio equipment factory

Our client has sold the main building and development project of a new modern multifunctional shopping and recreational centre in Riga’s third-largest residential area Imanta. The shopping centre is located in specially refurbished premises of the former radio equipment factory – “VEF Radiotehnika”.

Our team led the transaction from the selling side and participated in the preparation of all necessary documents, structuring of the deal and negotiations to achieve mutually acceptable arrangements for both parties.

The new owner is SIA “KP3” whose ultimate beneficial owner is Estonian businessman Ivar Vendelin. Ivar Vendelin is co-owner of Apollo Group, which owns bookstores Apollo, cinema “Apollo”, film distribution company “Baltic Film Distribution”, juice bar “Blender”, ice cream cafes “IceCafe” and restaurants “O’Learys” and “KFC.”

The property is covering an area of approximately 100’000 sq. m and there are several buildings including, a four-storey 59’000 sq.m. shopping centre building. The shopping centre has an additional further development potential of approximately 50’000 sq. m. available due to the adjacent land.

Under the development project, the property has the potential to become one of the largest shopping centres in Riga offering a full-scope shopping experience, including, a gourmet market, grocery hypermarket, speciality retail shops, and fashion brand stores, cinema, kids entertainment park, and a recreational complex.

The client was advised by senior partner Verners Skrastiņš and associate Ieva Sīle.