Capitalica Asset Management has acquired a logistics center near the international Riga airport. This is already the third investment done by Capitalica Green Logistics Fund during last year. Thus the fund is continuing to expand its presence in the Baltic logistics market and aims to accumulate over EUR 100 million euros in the coming years.
“This is the first fund’s acquisition in the Latvian market. The complex in Riga’s Marupe district perfectly fits into our plan to create a pan-Baltic network of high-value warehouse centers. It allows to increase the fund’s income and thus to add value to our investors”, says Andrius Barštys, CEO of Capitalica Asset Management.
Constructed in 2019, the building is settled at the Riga city border, just a few minutes from Riga’s airport and with easy access to the country’s major roads connecting Vilnius, Tallinn and the port of Ventspils. Marupe district is being gradually developed into a logistics hub with more companies choosing it for their industrial and warehouse locations. A railway freight yard for Riga international airport is included in the Rail Baltica development plan, thus increasing the future property value.
The building is in outstanding technical shape with a total leased area of 6200 sq.m. Built in the “stock office” format with 3 types of premises – warehouse, office and clients’ showroom/retail – it is intended for local small and medium e-commerce, and light manufacturing companies. The occupancy rate of the warehouse property is 100%.
“The high demand for stock office premises and a diversified tenant mix in the property was a perfect play during the pandemic and ensured stable cash flow. We can offer flexible terms with rent space starting from 150 sq.m. which is hard to find in the near-airport neighborhood. It gives us a competitive advantage as usually the minimum space or block size in other logistic centers in the area is 1000 sq.m.,” comments Andrius Barštys.
Walless advised on legal and tax aspects of the deal, while the UAB “Statybos procesų valdymas” company advised on environmental and technical aspects. Colliers have executed commercial due diligence and will do maintenance management of the building after the transaction. The transaction was financed by Citadele in Latvia. The purchase price is not disclosed.
