Senior care developer and operator Adoro Properties SIA has acquired the former Faculty of Physics, Mathematics and Optometry of the University of Latvia, together with the adjoining building complex at Zeļļu iela 8 in Riga from EIKA Asset Management, the investment management company of Lithuania’s EIKA group. Adoro plans to develop a health and senior care complex on the property, offering short- and long-term care services at various levels of care.
The property is strategically located in one of Riga’s historic neighbourhoods, close to the city centre, and benefits from extensive parkland and convenient access to public transport. The complex covers more than 9,000 m² and includes the former faculty building, a laboratory building, student accommodation and ancillary buildings.
The redevelopment of the former University of Latvia buildings will be Adoro’s largest development project in Latvia to date. The complex is expected to accommodate more than 300 residents and create over 100 new jobs. Plans also include staff accommodation, helping Adoro attract employees from further afield.
COBALT provided comprehensive legal support to Adoro in the transaction, carrying out legal due diligence (LDD) of the property to be acquired, assisting in negotiations and with closing procedures. The COBALT team comprised Managing Partner Dace Silava-Tomsone, Senior Associates Krista Helmūte, Toms Dreika and Inga Tenisa, Associate Vadims Zvicevičs, and Junior Associate Līva Skrupska.
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