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The entity does not disclose the amount of the transaction.
Covering an area of more than 1.5 hectares, there are several buildings with a total area of 17,000 square meters, including a five-storey factory building.
Giovanni dalla Dzonka, the founder and CEO of Baltic RE Group, points out that the old factory fits well into the new area around Skanstes Street, where the Riga business and business center is being built.
The building was built in 1847 according to a project involving architects such as Gustav Winkler, Karl Felsko and Wilhelm Bokslaff. Albert Wolfschmidt established a “Wolfschmidt vodka and yeast factory” in the building, and production of “Riga Black Balsam” began in this building.
During the post-war period, the factory completely switched to yeast production and operated throughout the Soviet era. In the summer of 2008, yeast production was stopped and the plant was closed.
“Baltic RE Group” was advised in the transaction by the law firm “Ecovis Convents”, while the seller – by the law firm “Ellex Kļaviņš”.
Baltic RE Group has been investing in the Baltics since 2008, and the company’s operating model envisages the purchase of historic buildings on the busiest shopping streets and strategic points and the renovation of these buildings, followed by the lease of premises to solvent tenants.
In 2020, Baltic RE Group had a turnover of 779,432 euros and suffered a loss of 278,296 euros. Baltic RE Group was registered in 2013 and has a share capital of 29 million euros.
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