Linstow Baltic expands real estate portfolio in Latvia: acquires seven land plots adjacent to the forthcoming Satekles Business Center


Linstow Group’s newest company, SIA Satekles Business Center, has completed a complex acquisition process from three separate owners of seven interrelated properties adjacent to the upcoming Satekles Business Center. The total of newly acquired land plots amount to 9,358 m2 and the transaction is worth a total of EUR 4 million.

The new, interrelated properties are located in the block between Satekles Street, Dzirnavu Street and E. Birznieka-Upīša Street, with the potential area for construction development amounting to slightly over 25,000 m2.

Two of the seven land plots are currently partially built-up, and it is planned to preserve or partially reconstruct two historical warehouse buildings on these land plots, while the low-value buildings are due to be demolished. In order to develop a high-quality and comprehensive concept for the area’s development, work on more detailed studies has already begun.

According to Frode Gronvold, Chairman of the Board of Linstow Baltic: “This is a significant addition to our real estate development portfolio in Latvia. For decades, Linstow Baltic has been one of the leading real estate developers, actively promoting the development potential of the Riga Central Railway Passenger Station area. Our consistent and targeted investments in the development of this area, expanding the Origo shopping center and implementing the concept of the Origo One business center, as well as currently developing Satekles Business Center complex, have contributed to the transformation of the neighbourhood, making it more attractive to residents, workers and investors. The dynamic development and our strategic vision make the acquisition of these new properties an important and much needed step in strengthening this area as one of the key clusters of commercial buildings in Riga.”

The completion of this complex transaction has taken a little over a year, and Linstow Baltic is grateful to the legal advisors from Sorainen for their detailed and tactical approach, as well as to the technical advisors from Forma 2 for their competent support in the successful completion of this deal.
It has been previously reported that Linstow Baltic has started the construction of the Satekles Business Center office complex covering an area of 12,000 m2. The new complex will include five interconnected buildings in the block between Elizabetes Street, Ernesta Birznieka-Upīša Street, Dzirnavu Street and Satekles Street and will be part of the Riga Central Railway Passenger Station and the Origo One Business Center neighbourhood quarter. The complex is due to open in 2025 and the office spaces spanning 2,200 m² are already open for tenant applications. The main building at Ernesta Birznieka-Upīša Street 2 has already been leased, with AS SEB bank being its main anchor tenant.