At the end of January, the company, whose investment is managed by Green Formula Capital (GFC), acquired the main building of the former Radio Equipment in Riga with a total area of 100,000 m2.
For the people of Riga, this property is known as Imanta Market. The amount of the transaction is not disclosed by the parties.
“We believe that the future lies in the successful development of the entertainment and services sector, where location and infrastructure with the potential for sustainable growth play a key role. We have well-known neighbors – Depo, Damme, McDonalds, on the ground floor we have the successful Imanta Market concept. We plan to attract a lot of new tenants, with whom we are already negotiating “, commented Mēelis Šokmans, GFC managing partner.
Green Formula Capital is a sustainability- and green-turning real estate investment management firm that focuses on tailor-made ESG (environmental, social responsibility and governance) principles, combined with green funding to increase asset value and liquidity. The operating principle of Green Formula Capital is to increase the value of investments by promoting “green” and sustainable business.
The deal was supported by Colliers and ZAB Vilgerts provided legal advice.
LETA stated that SIA KP3, owned by Estonian entrepreneurs, had purchased the former “Radiotehnikas” building in Kurzeme Avenue 3, where “Imantas Market” is located, for 8.75 million euros, according to the information in the Land Register.
SIA “Imanta Retail Park”, whose board member Ēriks Ertmanis LETA confirmed that the property was purchased by “KP3”, is indicated as the seller of the building. Ertmanis said that the “Imantas Market” in the building would continue to work as a tenant.
KP3 was registered in October 2021, the share capital of the company is 515,200 euros. The owner of the company is the Estonian company “Mirrow Institute”, but its real beneficiary is the Estonian businessman Ivars Vendelins, who is also a member of the board of “KP3”. Estonian businessman Hanness Pihl is also a member of the board of KP3.
Wendelin is a co-owner of the Apollo Group, which owns Apollo bookstores, Apollo cinemas, Baltic Film Distribution, Blender juice bars, IceCafe ice cream parlors and O’Learys and KFC restaurants. “.
Vendelin is also a co-owner of the MM Grupp holding company, which includes the pharmaceutical retailer Magnum, the media group Postimees Grupp, the electrical equipment retailer IM Arvutid, and the group also has a stake in the ultracapacitor manufacturer Skeleton Technologies Group. The information agency LETA is part of an international media group whose shareholders are MM Grupp.
Apollo Group also acquired 51% of the shares of the Latvian catering company Lido last autumn.
Apollo Group is 55% owned by MM Grupp, which is owned by Estonian businessman Margus Linnamäe. Vendelin owns 45% of the shares in Apollo Group.
Vendelins together with the Baltic real estate investment holding group Summus Capital, of which Pihls is a member of the board, became the owners of the shopping center “Riga Plaza” in December 2020. In December 2021, Summus Capital acquired the company Pārupes būmaņi, which owns the newly built Depo network store in Imanta, which is located next to the former Radiotehnikas building.
Db.lv au has announced that in 2011 one of the retail chains was located on the first floor of a four-storey building built for the production needs of the former Radio Equipment Factory. Prism shops, and the owner had a plan to develop a traditional shopping center in the rest of the building, which, however, did not materialize for various reasons.
In 2017 Prisms When deciding to leave the Latvian market, the development concept was changed and it was decided to locate Imantas Tirga in the former store premises.
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