Real estate developer and asset manager Baurum has acquired a historic building at 5a Blaumaņa Street in Riga. The transaction ranks among the most significant deals of its kind in recent years in the Latvia’s historic property segment – both in terms of value and total area. The total planned investment in the project amounts to EUR 16 million.
The property was acquired by SIA Arkon 5, an investment company affiliated with Baurum. The local bank Signet Bank participated in the financing of the transaction, providing EUR 6.3 million.
Constructed in 1913, the building is located in central Riga and has a total area exceeding 7,300 square metres. Designed by architect Augusts Malvess, it is considered one of his most significant works and a notable example of its era, where neoclassicism meets national romanticism and the monumental character of classical forms merges with Baltic modernist tectonics.
The property is currently primarily used as an office building, and its operations will continue as usual. Baurum is assessing the property’s long-term development potential, including a balanced mix of uses and the integration of residential and commercial functions, while preserving its architectural heritage.
The investment strategy aims to increase the value of the property while maintaining flexibility for its future use.
“The property is located in a prime location in central Riga – at the intersection of Tērbatas and Blaumaņa streets, in the very heart of the city. We see an opportunity to create a high-quality residential environment here, while maintaining a balance with the building’s existing function and ensuring a gradual, well-considered development. Assets of this type are in long-term demand both as quality living spaces and as stable investment opportunities,” says Boriss Maizenbergs, Managing Partner and COO at Baurum.
About Baurum
Baurum is a real estate developer and asset manager based in Latvia. The company focuses on investments in real assets, following a disciplined approach and a long-term value creation strategy. Its management team consists of senior professionals with over 20 years of experience in real estate development, strategic planning, and corporate governance.
To date, Baurum has developed multiple projects in central Riga with a total area exceeding 25,000 square metres. Among them is one of Baurum’s most notable realised projects – the six-building historic residential quarter Stefan’s houses at the intersection of Brīvības and Tallinas streets. www.baurum.lv
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