Hili Properties plc on Tuesday announced that it has concluded the sale of a retail complex in Riga, Latvia for a consideration of €7 million.

The disposal has been structured as a share sale pursuant to which SIA “Apex Investments”, a subsidiary of Hili Properties, has sold 100 per cent of its issued share capital in SIA “Dz79”, a Latvia-based company and owner of the retail complex to SIA “MĀJA 2002”.

The complex, located in Dzelzavas Street was first acquired by Hili Properties in 2015, before it was subsequently redeveloped from the ground up into what the company described as a “modern shopping destination.”

Covering a total area of 3,448 square metres, the complex’s reconstruction was completed in 2019.

Hili Properties stated that this sale “unlocks the value generated since opening” and is in line with the company’s strategy to “optimise its portfolio and achieve greater capital efficiency, ensuring positive returns for its shareholders and investors.”

Hili Properties owns and manages a number of commercial real estate for lease in the Baltics, as well as Malta and Romania. Its extensive portfolio includes dedicated business blocks and office space, shopping centres, healthcare facilities, and properties housing McDonald’s restaurants.