Latvia University auctions off economics faculty building for 2 million euros

Latvia University (LU) is putting its Faculty of Economics and Social Sciences building, located at Lauvas Street 4 in Riga, up for auction. The bidding opens today with a starting price of two million euros. The property encompasses a substantial 15,319 square meter plot of land and an 8,102 square meter academic building.

LU highlights the building's adaptability, suggesting it could be easily repurposed for residential projects or student housing. The university plans to reinvest the proceeds from this sale into the development of its Academic Center in Torņakalns, a key strategic project for the institution's future growth.

Interested parties can submit bids on the electronic auction platform until June 18. This is not the first property LU has put up for sale; earlier this week, another Faculty of Economics and Social Sciences building on Aspazijas Boulevard was also put up for auction. Both sales are conditional on the university continuing to use the premises until the construction and relocation to the new "Rakstu māja" (House of Writings) are complete.

Overall, Latvia University aims to generate more than 20 million euros from the sale of its historical buildings. This initiative is part of a larger strategy to consolidate its campus and modernize its facilities, ultimately supporting its academic and research endeavors.