Merito Partners’ real estate fund has acquired the historic building at Palasta Street 3 in Old Riga – known as Tipogrāfu nams (the Printers’ House) – for EUR 2.58 million. Total investment in the development of the property is planned to reach EUR 6.3 million. The building will be renovated and transformed into a residential rental property with compact apartments.
The building at Palasta Street 3 was designed by architect Heinrich Karl Scheel and constructed at the end of the 19th century in the area between Old Riga and the Daugava waterfront. Until 1939, it belonged to the Baltic German Hecker family and housed the Latvian Military Printing House. Later, the building became home to Riga Secondary School of Crafts No. 2, where future printing industry professionals were trained.
Following renovation, the Printers’ House will be redeveloped into a contemporary residential building offering compact apartments for short – and medium-term rentals. The project will include 25 square meter studio apartments and 40 square meter one-bedroom apartments. All apartments will feature loft-style interior solutions, preserving the building’s high ceilings while providing fully equipped living spaces tailored to the needs of tenants.
Igors Terehovs, Partner at Merito Real Estate Management: “The location of the Printers’ House next to Old Riga and the 11 November Embankment, together with its historical heritage, creates a unique opportunity to develop a modern residential project in the city centre while preserving the building’s identity and adapting it to the needs of today’s rental market. The strategy of the specialised real estate fund managed by Merito Partners is to invest Latvian capital in the development of promising properties, thereby contributing to the improvement of Riga’s housing stock by creating financially accessible homes that meet modern living standards.”
The Merito Real Estate P3 Fund XI has attracted investments from 20 private investors from Latvia, and the fundraising process has been completed.
Since 2023, Merito Partners has established more than 10 private equity investment funds to implement its specialised real estate investment strategy. The funds already own properties in Old Riga at Kalēju Street 18/20 and Pasta Street 6, the industrial complex of the former Straume factory at Kārļa Ulmaņa gatve 2, the historic property at Brīvības Street 138, the former scientific complex building at Krīvu Street 11, the property at Skolas Street 21 — the former Designers’ Union building — as well as several other development projects.
Together with partners, Merito Partners is also developing the residential project Skanstehof at Hospitāļu Street 49 in Riga. The total number of apartments currently planned across projects developed by Merito Partners already exceeds 600, while the total value of assets intended for sale exceeds EUR 80 million. In parallel, the company continues active due diligence, acquisition and gradual expansion of its property portfolio.