{"id":17276,"date":"2024-10-23T09:56:53","date_gmt":"2024-10-23T09:56:53","guid":{"rendered":"https:\/\/latviasothebysrealty.com\/?p=17276"},"modified":"2024-10-23T09:57:17","modified_gmt":"2024-10-23T09:57:17","slug":"latvia-sothebys-international-realty-significant-development-focused-deal-in-rigas-real-estate-market-involving-the-former-veldze-beverage-factory","status":"publish","type":"post","link":"https:\/\/latviasothebysrealty.com\/en\/latvia-sothebys-international-realty-significant-development-focused-deal-in-rigas-real-estate-market-involving-the-former-veldze-beverage-factory\/","title":{"rendered":"Latvia Sotheby\u2019s International Realty: Significant Development-Focused Deal in Riga\u2019s Real Estate Market Involving the Former \u201cVeldze\u201d Beverage Factory"},"content":{"rendered":"\n

Latvia Sotheby\u2019s International Realty, the Latvian representative of the world-leading exclusive real estate brand Sotheby\u2019s International Realty, announces a significant and development-oriented transaction in Riga\u2019s real estate market involving the territory and buildings of the former “Veldze” beverage factory, located at Mat\u012bsa Street 8 in Riga.<\/p>\n\n\n\n

\u201cTo conclude such a large-scale deal, a pre-sale restructuring process had to be carried out for the property, along with resolving various issues related to the development and usage of the historical center of the city and its protective zone,\u201d said Ilze Mazurenko, owner of Latvia Sotheby\u2019s International Realty. \u201cOur company successfully facilitated cooperation and exchange of views among the interested parties. The work we invested helped ensure that the transaction in Riga\u2019s real estate market resulted in an outcome that, in my opinion, will be a valuable asset for the city of Riga, its residents, and visitors.\u201d<\/p>\n\n\n\n

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The successful progress and completion of the deal were supported by several partners and consultants, including lawyers, architects, urban planners, and others. Among them was the Baltic-wide law firm ZAB \u201cEllex K\u013cavi\u0146\u0161,\u201d which advised Estonian and Latvian investors on the acquisition of this multifunctional property in Latvia.<\/p>\n\n\n\n

\u201cParticipating in development-focused transactions is always particularly satisfying. The property\u2019s location in the historic center of Riga presents numerous legal challenges. Through cooperation between all parties, these challenges were successfully overcome. We are confident that this investment project will provide momentum for the revitalization of Riga\u2019s center, something that both the city’s residents and the local government are currently paying special attention to,\u201d said Ivars Pommers, a partner at ZAB \u201cEllex K\u013cavi\u0146\u0161,\u201d a sworn attorney and head of the Real Estate Practice Group.<\/p>\n\n\n\n

The multifunctional real estate, which includes a 9,080 square meter plot and the former buildings of the “Veldze” beverage factory, was acquired by Estonian and Latvian investors SIA \u201cMAT\u012aSA 8\u201d a month ago.<\/p>\n\n\n\n

\u201cThe former beverage factory complex will be transformed into the platform ‘Creative Factory Veldze,’ which, by bringing together businesses, service providers, and representatives of the creative and cultural industries, will offer visitors a high-quality experience in leisure, shopping, and cultural events. The development plan also envisages gradual greening of the block and opening the area to pedestrians between Bru\u0146inieku and Mat\u012bsa streets, as well as partial renovation of the block while preserving the historical value of the former factory site. ‘Creative Factory Veldze’ will offer a modern, aesthetic, and dynamic cultural environment for local residents, people of Riga, and visitors to the city, right in the heart of Riga. Similar districts are already operating successfully in Estonia, such as Telliskivi and P\u00f5hjala in Tallinn, as well as Aparaaditehas in Tartu,\u201d stated Andris Kova\u013c\u010duks, a board member of SIA \u201cMAT\u012aSA 8.\u201d<\/p>\n\n\n\n

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The territory and buildings of the former “Veldze” beverage factory, according to Riga’s territorial plan, are located in a Mixed Center Development Area (JC8), which is a functional zone within the territory of Riga\u2019s historical center and its protective zone. This area is planned for a wide range of mixed uses, and its development and usage requirements are defined in the planning documents for the historical center and its protective zone. The buildings on the site are in good technical condition, and all are currently leased.<\/p>\n\n\n\n

Latvia Sotheby\u2019s International Realty<\/strong> represents the world-leading exclusive real estate brand Sotheby\u2019s International Realty in Latvia, offering high-value properties for purchase, rent, or investment purposes both in Latvia and globally.<\/p>\n\n\n\n

ZAB \u201cEllex K\u013cavi\u0146\u0161\u201d<\/strong> is one of the leading and largest law firms in Latvia, with a diverse specialization and long-standing professional experience. Over its more than thirty years of operation, the firm has been involved in significant international projects and local transactions.<\/p>\n\n\n\n

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Transaction Details:<\/strong><\/p>\n\n\n\n

Date:<\/strong> September 2024<\/p>\n\n\n\n

Seller:<\/strong> SIA \u201cTEKS.LV\u201d<\/p>\n\n\n\n

Buyer:<\/strong> SIA \u201cMAT\u012aSA 8\u201d<\/p>\n\n\n\n

Amount:<\/strong> 3 million EUR<\/p>\n\n\n\n

Partners:<\/strong> Latvia Sotheby\u2019s International Realty, law firm ZAB \u201cEllex K\u013cavi\u0146\u0161\u201d<\/p>\n\n\n\n

Property:<\/strong> The former “Veldze” beverage factory site at Mat\u012bsa Street 8, Riga, consisting of a 9,080 m\u00b2 plot and buildings, located in a mixed-use center development zone and the territory of Riga’s historical center and its protective zone, where a wide range of uses is planned.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

Latvia Sotheby\u2019s International Realty, the Latvian representative of the world-leading exclusive real estate brand Sotheby\u2019s International Realty, announces a significant and development-oriented transaction in Riga\u2019s real estate market involving the territory and buildings of the former “Veldze” beverage factory, located at Mat\u012bsa Street 8 in Riga. \u201cTo conclude such a large-scale deal, a pre-sale restructuring […]<\/p>\n","protected":false},"author":40,"featured_media":17258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[96],"tags":[],"class_list":["post-17276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts\/17276"}],"collection":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/comments?post=17276"}],"version-history":[{"count":2,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts\/17276\/revisions"}],"predecessor-version":[{"id":17281,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/posts\/17276\/revisions\/17281"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/media\/17258"}],"wp:attachment":[{"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/media?parent=17276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/categories?post=17276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latviasothebysrealty.com\/en\/wp-json\/wp\/v2\/tags?post=17276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}