This year’s largest land acquisition deal in Riga has been concluded

The Latvian retailer Rimi Latvia has purchased a 3.6 ha plot of land next to the Alfa Acropole shopping center in Riga for 8 million euros from the Linstow Baltic group company. This is the largest land deal by area and value in 2023 in Riga. The Colliers Land and Development project team represented the interests of the seller – a Linstow Baltic group company – in the sale of a plot of land at Brīvības gatve 382. The transaction was registered this year. on October 18. “The transaction was concluded for 8 million euros and is in line with Linstow Baltic’s future portfolio strategy. We would like to thank Rimi Latvia and wish them successful implementation of their development plans, as well as thank Colliers for excellent coordination and management of the transaction, and Cobalt Legal for effective legal support, ” says Frode Gronvolds, chairman of the board of Linstow Baltic. According to Colliers data, the land market is quite inactive this year – 21 significant plots of land (with a price above EUR 400,000) have been sold in Riga with a total value of approximately EUR 18 million, in comparison, 33 significant plots of land were sold in 2022 with a total value of almost 60 million euros. In addition, there are not many large, strategically located plots of land left within the borders of Riga.

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