SG Capital Partners Acquires Office Building in Riga for €6.3 Million
10.04.2018
The real estate fund SG Capital Partners Fund 1, managed by SG Capital Partners AIFP, has acquired the Open Office building at Brīvības Street 39, Riga, from SIA Dagas A for €6.3 million.
“The acquired property perfectly aligns with the fund’s key investment criteria – an excellent central location, stable cash flow for investors, and an attractive overall return on investment, significantly exceeding alternative low-risk investment opportunities,” explains Harijs Švarcs, Chairman of the Board at SG Capital Partners.
The office building, historically known as Sniķers House, was constructed between 1929 and 1931 by renowned Latvian architect Eižens Laube for Professor and General Pēteris Sniķers of the University of Latvia. It underwent a full renovation in 2008.
“In restoring and managing this building over many years, we have made a special effort to preserve its historical aura and value while ensuring all modern office requirements. Properties like this are becoming highly sought-after by international companies, embassies, and other businesses that value a prime city-center location, recognition, and prestige. The value of such buildings continues to grow year by year,” says Andris Kupcis, Chairman of the Board at SIA Dagas A.
Going forward, SG Capital will focus on enhancing the building’s sustainability, improving energy efficiency, environmental resource management, and workplace comfort, and obtaining BREEAM certification.
Current tenants of the building include Gjensidige Baltic Insurance, Caffeine, and Sworn Auditor I. Liepiņa’s office.
SIA SG Capital Partners AIFP, established in 2016 and registered with the Financial and Capital Market Commission, is an alternative investment fund manager. The company aims to attract institutional investor funds and invest in commercial real estate. SG Capital Partners is fully owned by its founding partners.
Article: https://www.db.lv/zinas/sg-capital-partners-par-63-miljoniem-eiro-iegadajas-biroju-eku-riga-473875
