On July 3, 2019 Luminor Bank closed the sale of its Head Office building in Riga, Latvia.
Investors represented by Colonna acquired the property, on Skanstes 12, through the purchase of the property holding company Skanstes 12 Ltd.
As part of the transaction, Luminor has signed a 10-year lease for the full building, at market terms. The financial effects on Luminor’s earnings and capital are not material.
The sale of Skanstes 12 is part of Luminor focusing its efforts and capital on its core business, and increases the flexibility of the bank’s cost base.
The transaction was preceded by a open sales process, with a very strong interest among investors from the local market as well as other parts of Europe and the US. In this sales process Luminor was advised by Sorainen and Catella Corporate Finance.
