Colonna purchased the Luminor bank office building in Riga

Colonna, an investment company specializing in commercial real estate, has purchased the Luminor bank office building at 12 Skanste Street in Riga, which is well-known for its outstanding architecture.

The main building of the Luminor bank in Riga is considered one of the best-looking modern building in Skanste district. It was built in 2009 and was previously the home for DNB Bank offices.

This business building with class A quality is 40 meters high and is designed by one of the most famous Lithuanian architects Audrius Ambrasas.

The gross surface of the commercial building is 15,146 m2 and there are 151 parking spaces on the property. The entire building is operated by Luminor bank.

According to Colonna’s CEO Roberto De Silvestri the real estate market of the Baltic capitals continues to be of great interest to the company. Preferably, Colonna is looking for commercial real estate with existing long-term rental agreements, which produces a stable cash flow. If necessary, additional investments are made in buildings and high-quality management services are provided by Colonna. “Although we are constantly looking for new investment objects and Tallinn is in the first place of interest, unfortunately the number of offers on the local market has decreased significantly. In addition to Tallinn, Riga is definitely one of the most preferred areas we want to invest in, which is why we are very pleased with the inclusion of Luminor’s main building in our portfolio,” said De Silvestri.

Until recently, Luminor's main building in Riga belonged to the Luminor Group.

Founded in 2006, Colonna investment company is one of the largest investors in commercial real estate in Estonia and the Baltic States. Colonna primarily brokers the investments of international professional investors in real estate projects located in the Baltic States and manages the commercial operation of the purchased properties. Over 350 million euros have been invested in the Baltic real estate market through Colonna Group. The company’s portfolio comprises 95 commercial buildings with more than 250,000 square meters of rentable space and over 700 tenants in total. Colonna is an active contributor to charity projects and supporter of sport and culture.