Historic building in Riga center to be converted into residential house
Real estate developer Baurum has acquired a neoclassical building at the corner of Tērbata and Blaumaņa streets, planning to turn it into a residential property. The transaction was the largest in the first four months of this year.
The historic building at Blaumaņa Street 5a in Riga has changed owners. According to Lursoft IT data, this was the largest real estate transaction in the first four months of the year. The six-story structure with a total area of 7,300 square meters, including the land, was sold for €8.9 million.
Built in a neoclassical style and once serving as a bank, the building had been under the management of EfTEN Capital, the largest real estate fund manager in the Baltics, for over a decade. It has now been acquired by developer and asset manager Baurum.
Rita Maizenberga, co-owner of Baurum, commented on the company's plans for the building. In the near future, it is planned to be converted into a residential building, adapted to modern requirements while preserving its historical character. This project reflects the developers' confidence in the potential of Riga's city center.