Half-completed Panorama Plaza sold

  • 2013-07-10
  • From wire reports

TO LET: New owners plan to finish the project according to original design.

RIGA - Swedbank group’s real estate company Ektornet has reached a deal on selling the Panorama Plaza project for several million euros, said Ektornet representative Krista Rozina, reports Nozare.lv. This is one of the largest deals in Latvian real estate over the past four years, said Rozina. The amount of the contract and the name of the investor that has bought Panorama Plaza will not be made public yet.

“We are pleased with the successful sale and the desire of the new investor to continue the project according to the original plans, including the completion of construction of both of the remaining towers. We have prepared all documentation to facilitate the commencement of the construction works for the new owner,” said Ektornet CEO Andris Kovalcuks.

The sale includes 120 apartments, associated parking lots, the as yet uncompleted third tower, as well as a plot of land for a forth apartment block. It is planned that construction of the third tower will be resumed and the construction of the fourth tower will be commenced as soon as practically possible.

“So far Ektornet offered the finished apartments for both sale and rent. Therefore the concluded sale means that the investor will obtain not only the unsold apartments, but also apartments that were rented. We have informed all tenants regarding the planned change of owners,” added Kovalcuks.
The Panorama Plaza trade and commercial center, where premises are offered for rent, still remains under the ownership of Ektornet.

Panorama Plaza is a complex of residential multi-story buildings with additional buildings comprising a trade and commercial center. Initially four multi-story towers were planned in the project situated on Lielirbes Street, yet only two have been completed. Construction of Panorama Plaza started in 2005. Ektornet became the owner of Panorama Plaza after the project developer Latmes Building was proclaimed insolvent in 2011.

Ektornet is a real estate company established by the Swedbank group in 2009. The company’s core business is to acquire, manage and sell real estate in residential, retail, office and industrial segments, including properties that the bank has obtained through foreclosure on loans.
At the end of June, the total value of Ektornet properties in Latvia was 147.6 million lats (210 million euros), or 2.1 percent higher than in June 2011.