Pillar Investment Group purchased airBaltic central office building for EUR 6.19 million

RIGA, 17-May-2016 — /EuropaWire/ — Pillar Investment Group, SIA, which is a part of Pillar group, made a transaction with Reverta, AS regarding purchase of new central office building of airBaltic airline. The total transaction amount is EUR 6.19 million.

“Given the decrease in real estate portfolio after the crisis, Pillar group made the decision to invest in potentially profitable properties in order to compensate the losses under managing the remaining post-crisis portfolio. For this, Pillar Investment Group was established – the company dealing with investments in profitable commercial properties. We are glad to start our investment activities with such a large-scale important project. It should be noted that current provisions of rent agreement with airBaltic will be binding upon us as the new owner of the building,” noted Andris Kovaļčuks, Chief Executive Officer of Pillar Investment Group.

The office building is located at the territory of Riga airport, at 3 Tehnikas Street. The total area of airBaltic office is 6 217 m2, and the same occupies four floors with open-space office layout. There are also 11 conference rooms and several meeting rooms in the building. Currently, there are 362 office employees working in the building, and up to 600 pilots and stewards stay in the office during their shifts daily. The advice on the transaction was provided by international companies Colliers International and Catella Corporate Finance.

Группа Pillar, созданная в 2008 году, принадлежит крупнейшему латвийскому частному банку ABLV Bank, AS и объединяет предприятия, осуществляющие свою деятельность в сфере развития недвижимого имущества, управления и торговли им. В группуPillar входят Pillar Management, SIA, Pillar Holding Company, KS, New Hanza City, SIA и другие предприятия. В целом в ведении Pillar находятся примерно 400 объектов недвижимости общей стоимостью около 50 миллионов евро. К настоящему времени предприятие вложило в реконструкцию имущества в общей сложности 20 миллионов евро. С 2013 года Pillar является крупнейшим партнером конкурса «Ежегодный приз латвийской архитектуры», организуемого Латвийским обществом архитекторов.

Янис Бунте
Специалист по общественным отношениям
Pillar Management, SIA
Тел.: +371 6777 5432
www.pillar.lv

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