Pillar Investment Group bought the headquarters of airBaltic at the Riga International Airport for €6.19m in a deal brokered by the distressed asset manager Reverta. Pillar will take over airline carrier’s lease agreement. The four-story office building offers more than 6,200 sqm of space and includes 11 conference rooms.
“As the size of the post-crisis portfolio has been decreasing, Pillar Group has decided to invest its spare resources in real estate with a potential for generating revenue in the future to compensate the losses incurred from managing the remaining post-crisis portfolio,” said Andris Kovalcuks, CEO of Pillar Investment Group. The company manages roughly 400 properties worth of a total of €50m.
