OREANDA-NEWS. July 11, 2014. The Bankruptcy Administrator of Snoras Bank is selling a building owned by the Bank located on Doma Square in the heart of the Old Town of the Latvian capital. The total area of the four-storey building is 4,709 sq. m and it is located on a 1,435 sq. m large land lot. The property has 3 parking lots including garage space.

The initial asking price of the property is LTL 24 million (EUR 7 million) and investors can bid for the property offered in free sale until 14 August. 

Previously the building situated on Pils Street 23, Riga was used as an office space for several tenants, including SEB bank.

"This real estate property in Riga owned by the bank is the second property offered for sale as part of the bankruptcy of Snoras.  Both buildings have a number of advantages which, I have no doubt, investors will appreciate. The sale of this property is significant and will enable us to recover tens of millions of litas for the benefit of the creditors", says Neil Cooper, Bankruptcy Administrator of Snoras.

"The building on Pils Street offered for sale is a historic monument with an exceptional location in Riga Old Town. It is situated on Doma Square, the heart of the city, which has a steady flow of tourists and people visiting the city. It is an ideal place for a hotel as the central square of the city currently does not have a single hotel and the opening of a high-end hotel would help boost the attractiveness of the city.

The building could also be adapted for residential use or remain an office building. The first floor can accommodate commercial premises due to the strong flow of pedestrians in the area", says Deniss Kairans, CEO of Colliers International Latvia, the company in charge of the real estate sale.    

Another Snoras property in Riga which is up for sale is a 10,547 sq. m office building located on Jana Dalina Street 15 in a rapidly growing Skanste district of Riga which is transforming itself into a new financial and business hub of the city. This building is currently offered in free sale at the initial asking price of almost LTL 40 million (EUR 11.5 million). 

The office building was built in 2006. It was previously the headquarters of Krajbanka bank which was part of the Snoras group.

Detailed information about both real estate properties of Snoras offered for sale in Latvia are available online at www.colliers.lv, more information on all real estate for sale is available online at www.snoras.com.