Colonna buy former bank headquarters in Riga

Colonna Capital has purchased the former headquarters of the Parex Bank in central Riga. The renovated 7-storey building, which is located on Valdemāra street, has almost 4,000 sqm of leasable office space. Although Estonian based Colonna owns over 90 commercial properties, this is only its second acquisition in Riga, coming after the purchase of an office building on Stabu street in July. Colonna CEO Roberto De Silvestri says the company will continue to invest in the Latvian capital. "Riga is definitely one of the most sought-after regions in which we wish to invest. We remain interested in commercial properties with long-term lease agreements, which generate a stable cash flow." The price of the deal has not been disclosed.