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VNĪ has sold two historic properties in the heart of Riga, property on Kalēju Street to be auctioned again


Two historic properties were sold today at the auction organised by the SJSC (VAS) "Valsts nekustamie īpašumi" for the total amount of 2.93 million euro. The personal house of architect Johan Daniel Felsko at 49 Elizabetes Street was auctioned for €1.42 million, while the property at 5 Martas Street was sold for €1.51 million. According to VNĪ Board Member Andris Vārna, auction of the building at 50 Kalēju iela, Riga was not successful, and a re-auction will be organised.

 "We are pleased with the successful outcome of the auction at 49 Elizabetes Street and 5 Marta Street. It is planned to allocate the proceeds from the auction of these properties to the development of the core portfolio of VNĪ and the real estate necessary for the performance of state functions, thus creating benefits for society and the country as a whole. These and other auctioned properties in the historic centre of Riga offer a wide range of opportunities for both commercial activity and residential development. Moreover, the historical facades of the buildings, masterfully restored, not only contribute to the development of the historic centre of Riga, but also highlight its charm," says VNĪ Board Member Andris Vārna.

Three participants applied for the auction of the real estate at 49 Elizabetes Street. The starting price of the property was set at €1,040,000, and, after 77 auction steps, the property was auctioned for €1,425,000. The ancient house at 49 Elizabetes Street is located within the territory of the UNESCO World Heritage Site “Historic Centre of Riga”. Construction of the building began in 1870- 1880, and it is believed to have been built as the personal residence of architect Johahn Daniel Felsko. The building consists of wooden structures with a plastered facade; its architectural elements use a Renaissance revival aesthetic.

The property at 5 Martas Street is located in the centre of Riga, in a low intensity traffic and pedestrian zone. The property has a total area of 2,352 square metres, it contains an administrative building, engineering communications and equipment, which provides opportunities for the development of a commercial building. It is located close to public transport stops and a well-developed social infrastructure, making it an ideal place for investment. Auction of the property at 5 Martas Street ended with one step, and the property was auctioned for 1,510,000 euro.

Re-auction of the building at 50 Kalēju Street, Riga, was not successful. This building was originally constructed in the XVII-XVIII century and rebuilt in 1925 according to the design by architect Max von Osmidoff, and is currently nearly fully leased. More information on the re-auction will be available on the website

In accordance with the company’s strategy, VNĪ maintains long-term ownership of the properties necessary for public administration, while the properties that are not necessary for the public institutions in the long run and that generate losses to the state are sold via public auction or transferred to other owners in accordance with the procedure established by law. Properties in the main portfolio that generate losses and cannot be leased to commercial tenants are put up for sale, making it possible to find a new use for them.

VNĪ provides professional real estate management and maintenance for 371 building and structure properties, comprising 1007 buildings with a total area of 0.97 million m2, as well as land beneath structures with a total area of 607 ha, and 3,404 land properties with a total area of 883 ha. VNĪ is one of 17 Latvian companies that received the highest platinum award in the Institute for Corporate Responsibility and Sustainability's Sustainability Index 2023, demonstrating good governance and the sustainability of its operations. The company was founded in 1996 and the Ministry of Finance is its sole shareholder.