Office and warehouse portfolio for sale
Riga, Latvia
PROJECT DETAILS
MCITY Capital owns and manages two B+ class office buildings and warehouse in Riga. With multiple international tenants and long term contracts.
Holding companies: MCITY Astras SIA / MCITY Ulbrokas SIA
City: Riga, Latvia
Address: Gunara Astras street 1 / Ulbrokas Street 23
Years built: 2009 / 2006
Fit out year: 2015-2021 / 2017-2024
Average tenant stays with us
tenants
NOI
Total NLA
WAULTe
Price/NLA
Avg price for new apartments in Riga 2460 EUR/m2, for new apartments in secondary market 1910 EUR/m2. According to Latio Riga Housing Report 2023.
Key tenants:
Why Riga, Latvia?
The center of Baltic States region and the third largest city in the Northern Europe. Riga is an important regional transport and logistics centre between the West and the East providing access to the European Union as well as to Eastern markets.
RIGA IN DATA
OFFICE STOCK
Due to the smaller office stock in Riga in comparison to the other Baltic cities it is expected that the price per m2 will increase in the future
CLASS A
Riga A Class office on average 1-2 years lover than Baltic competitor cities, thus it is expected that the Riga prices will slowly adjust to the competitor cities
CLASS B
Riga A Class office on average 1-2 years lover than Baltic competitor cities, thus it is expected that the Riga prices will slowly adjust to the competitor cities
Source: CBRE Baltic Office Figures Q4 2023
MCITY ASTRAS
MCITY ASTRAS Business Center offers a functional and modern B+ class offices and commercial premises in various areas. The building has 7 floors with several terraces on the top floor. On the first floor of the building there is a comfortable waiting room, lunch restaurant Daily, and a conference room with a capacity of up to 50 people is available. If necessary, we offer an opportunity to re-plan the space according to the tenant’s needs. As well as this, we can agree on the placement of your company’s logo: on the facade or the roof of the building.
PROPERTY DETAILS
In 2022 the MCITY ASTRAS office building has received a high international assessment – BREEAM In-Use certificate with the “Very Good” rating!
NLA
GBA
NLA underground parking:
Freehold Land plot
Underground parking spaces
Ground level parking spaces
Nr. of floors
FINANCIAL DETAILS
As the average rent for MCITY Astras is lower than the market average, there is an opportunity to add value to this asset.
NOI
Yield
Average rent
WAULTe:
Number of tenants
Average tenant stays with us
GALLERY
Exterior
Public spaces
Offices
MCITY ULBROKAS
MCITY ULBROKAS Business Center is a modern B class office and warehouse building complex. The building has 6 floors in total, as well as a plinth floor. Next to the office building there are warehouses with a total space of 10000m2. The building has a gas heating system, which results in a very affordable heating bill. MCITY Ulbrokas is a project where modern, high-quality, and contemporary offices meet spacious warehouses. It is located in Riga Industrial Park.
PROPERTY DETAILS
In 2022 the MCITY Ulbrokas office building has received a high international assessment – BREEAM In-Use certificate with the “Very Good” rating!
NLA Office
NLA Warehouse
GBA Office
GBA Warehouse
Potential warehouse expansion
Freehold Land plot
Parking spaces
Nr. of floors
FINANCIAL DETAILS
As the average rent for MCITY Ulbrokas is lower than the market average, there is an opportunity to add value to this asset.
NOI Office
NOI Warehouse
Average rent Office
Average rent Warehouse
WAULTe Office
WAULTe Warehouse
Yield
Number of tenants
Average tenant stays with us
GALLERY
Exterior
Public spaces
Offices
ABOUT MCITY
MCITY Holdings acquires and manages all commercial property types, but is focusing mainly on multi-let office buildings in Latvia, where we have gained strong local knowledge and experience.
Established in 2003
A real estate development and management company with more than 20 years of experience.
Located in Riga, Latvia
The current market environment presents a number of exciting opportunities in Riga compared to other European cities.
Associations
- Co-founder of The National Alliance of Real Estate Developers
- Member of Latvian Sustainable Building Council
Key activities:
- Office Development
- Office Building Management
GET IN TOUCH
Contact us today or MEET Us at MIPIM 12-15 March 2024 Stand: P-1.K25