Evolution enhances property portfolio with Latvian purchase

Evolution Gaming has moved to strengthen its presence in Riga by acquiring the owner of the building that houses the majority of its operational activities in the Latvian capital.

Evolution said the deal, which is worth a total of €12.4 million ($13.3 million), will provide a number of strategic and financial benefits.

Evolution has been a tenant of the building since 2011, currently renting more than half of the total office space.

However, a need to expand its studio floor over the coming years, coupled with the current landlord being unable to provide guarantees for further expansion, has led the company to acquire the building’s owner.

The deal is expected to go through by January 2016.

Jens von Bahr, chief executive of Evolution, said: “The acquisition provides clear strategic advantages, as we strengthen the control over our future and significantly easier will be able to expand the studio floor space to meet the big demand for more tables and dedicated environments.

“Compared to if we had continued as tenants, we also get a slight positive financial impact.”

source : www.igamingbusiness.com

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