The Indexo Real Estate Fund, which is managed by Provendi Asset Management AIFP, has acquired Riga’s Olimpia shopping center from Singaporan investors Grinvest for more than EUR 40 million.
The Olimpia Shopping Center, which opened its doors for the first time in 2002, provides 20,991 square meters of leasable space, and houses more than 60 tenants, including the Rimi hypermarket, a 24-hour fitness center, and the Adventica family entertainment hub, as well as global sportswear giants such as Adidas, Nike, Puma, and Sports Direct. After Grinvest’s acquisition in 2020, the shopping center underwent a significant renovation from 2021 to 2023.
“The purchase of the Olimpia Shopping Center diversifies our fund’s property portfolio and strengthens our presence in the Baltic commercial real estate market,” said Kristaps Berzins, head of Provendi Asset Management AIFP. “We are proud of the trust our investors have placed in us. In less than two years, we’ve built a high-value portfolio comprising seven properties with a total managed asset value exceeding EUR 110 million. With enterprising plans for 2025, we aim to continue our rapid growth and advancement.”
The Indexo Real Estate Fund now owns seven properties across Latvia and Lithuania, covering over 63,000 square meters. The fund leases space to more than 160 commercial tenants and manages 261 apartments.
The buyers were advised by the Walless law firm.
Image source: www.bb.lv
