February 6, 2015
Hili Properties, the property management subsidiary of Hili Ventures, has acquired nine retail complexes in Latvia, adding a total 18,500 square metres of retail footprint to its international commercial real estate portfolio. The total area of the nine properties nears 27,000 square metres.
Hili Properties holds and manages a strategic collection of commercial property for lease in Latvia, Lithuania, Estonia, and Malta. Its diverse portfolio features dedicated business blocks, office space in key commercial districts, and property housing McDonald’s restaurants. The restaurants are part of Premier Capital plc, another Hili Ventures subsidiary.
Benefiting from strong demographics, the stabilized retail centres accommodate up to 30 regional and local tenants, and occupy footprints ranging from 950 square metres to 4,150 square metres. Most are 100 per cent occupied. Five of the complexes are situated in key locations in the capital Riga, two in Latvia’s second largest town Daugavpils, and one each in Tukums and Aizkraukle. The largest property in Tukums occupies an imposing space in an industrial park. It accommodates a vast warehouse store stocking home improvement goods, gardening equipment, tools, and small scale construction materials.
The other complexes’ anchor tenants are supermarkets and convenience stores of chains well known in the Baltics and Northern Europe. Additional retail activities like pharmacies and personal care shops, delicatessen, banks and insurance brokers sit alongside the supermarkets using separate entrances or in a shop-in-shop concept.
“This acquisition falls within Hili Properties’ vision to diversify its portfolio and expand its footprint in the Baltic region,” Hili Properties Chairman Margrith Lutschg-Emmenegger said. “This is a major opportunity for the company. These properties, some of which are landmarks in their own right, display significant untapped potential and will benefit from renewed investment.”
Led by internationally experienced professionals and industry specialists, Hili Properties manages every asset to maximise operational efficiency and potential for the benefit of its tenants. Tapping decades of experience in property development, repositioning and management, Hili Properties seeks growth by enhancing the value of its portfolio and identifying opportunities in key cities in Europe’s developing markets.