On May 02, 2017 AS Baltic RE Group announced, that on April 26, 2017 AS Baltic RE Group achieved to acquire 4’100’000 shares of SIA TER Properties (registration number 40103881878), corresponding to 91.11% of the nominal share capital of EUR 4’500’000.
According to purchase agreements, the price of the acquired shares is EUR 5’330’000, of which AS Baltic RE Group already paid 3’799’700 EUR, as the advance payment of the acquisition price. The residual amount will be paid until July 31, 2017.
As the result of the acquisition process, SIA TER Properties will be included in the structure of the Group together with other AS Baltic RE Group subsidiaries.
The acquisition of SIA TER Properties’ control is the first step in developing AS Baltic RE Group strategy to expand its range of activity by investing in properties with high standard and extraordinary historical quality in the neighbouring of the Old Town and the Quiet Centre of Riga.
SIA TER Properties information about turnover, net profit or loss, dividends paid:
| Year 2015 | Year 2016 | |
| Net turnover | 0 | 887 987 |
| Profit or loss of financial year | -19 264 | 9 379 |
| Share capital | 3 000 | 3 200 000 |
| Equity | -16 264 | 3 190 115 |
| Paid dividends | No | No |
In the beginning of the year 2017 the share capital of TER Properties SIA has increased to 4’500’000 EUR.
There is no court or arbitration procedures, which may materially influence the Company’s commercial activity.
Between SIA TER Properties and AS Baltic RE Group is not concluded significant agreements.
SIA TER Properties has been founded on 19 March 2015 as holding company. SIA TER Properties core business activity is management and strategic development of its subsidiaries. On February 08, 2016 SIA TER Properties became the sole (100%) owner of company SIA BB 21 (registration number 4010394039), which owns the historical building in Riga, Brīvības boulevard 21.
The building – perfectly located in one of the best retail locations in Riga in the busiest pedestrian and tourist area - was built in 1876 based on project of Janis Fridrihs Baumanis (1834-1891). In 1928, architect P. Mandelstam completely redesigned the facade, transforming the building in the luxurious Hotel Imperial which at the time was the most prestigious in Riga.
Currently the main tenant of the retail portion of the building is “Podium”, one of the largest luxury multiband clothing store in the Baltics (with a surface of over 2’000 sqm on 2 floors), while the office portion of the property are in the process of reconstruction which will bring the property back to the old glory.
About Baltic RE Group, AS
Baltic RE Group, AS business lines are purchase and sale of real estate, its lease and management. The holding is the largest lessor of all-purpose high quality commercial areas with state-of-the-art facilities in Old Riga. Baltic RE Group, AS is investing in the Baltics with a long-term view, highly specific vision and a non-speculative approach for the creation of sustainable value.
For more information, please visit - http://www.balticregroup.com
Dina Abaja
Member of the Board, authorized person
Phone: +371 27832796
E-mail:dina.abaja@balticregroup.com