More flexibility and clear priorities
We advised Luminor Bank on the sale of its Head Office building in Riga, Latvia. Investors represented by Colonna acquired the property, on Skanstes 12, through purchase of the property holding company SIA Skanstes 12.
As part of the transaction, Luminor signed a 10-year lease for the whole building, on market terms. The financial effects on Luminor’s earnings and capital are not material.
The sale of Skanstes 12 is part of Luminor strategy focusing its efforts and capital on its core business, and increases the flexibility of the bank’s cost base.
The transaction was preceded by an open sales process, with very strong interest among investors from the local market as well as other parts of Europe and the USA.
Our role
Sorainen services to Luminor involved full legal support throughout all stages of the transaction, including vendor’s legal due diligence, structuring the transaction, preparing transaction documents, representing the client in negotiations with the buyer, transaction signing and closing.
Our team was led by senior associate Jānis Bite with support from senior associate Jorens Jaunozols on real estate-related aspects.
