The properties at 7 and 7B Daugavgrivas Street, as well as at 28 Rankas Dam, have been sold to the owner of the Z-Towers complex development company JSC “Towers Construction Management” – the company “SPI RE Holdings” registered in Luxembourg.
The real beneficiary of both Latvijas balzama and SPI RE Holdings is the Russian-born businessman Yuri Sheffler.
SPI RE Holdings explains the acquisition of its assets with the possibilities of integrated management, administration and development of its real estate.
The transaction has been accepted by the council of “Latvijas balzama”. The amount of the transaction – EUR 2.136 million – is based on the opinion of independent appraisers and is expected to be paid after the re-registration of property rights in the Land Register.
“Latvijas balzams” anticipates that the transaction will have a positive impact on the company’s financial results, gaining additional income.
It has already been reported that the net turnover of “Latvijas balzama” in 2020 reached 68.6 million euros, which is by 12.4% less than in 2019. The audited net profit was 9.3 million euros, which is 7.2% less than in the corresponding period in 2019.
The shares of Latvijas balzama are listed on the second list of the Nasdaq Riga stock exchange. Since 2015, the company has been part of the international alcohol production and distribution group Amber Beverage Group, which operates from its head office in Luxembourg, as well as through production and distribution companies in Russia, Mexico, the United Kingdom, Australia, Austria and the Baltics. Amber Beverage Group is owned by billionaire Sheffler.
The total area of the “Z-Towers” complex is about 90,000 square meters – it provides apartments and office space, while on the first five floors of the building, which connects the two towers, planned restaurants, conference halls, cafes, retail space. There is also a fitness center and a 25-meter pool with relaxation and spa area.
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