INDEXO Real Estate Fund, managed by Provendi Asset Management, expands its portfolio in Latvia and Estonia

“INDEXO Real Estate Fund,” managed by Provendi Asset Management, has completed a new portfolio transaction, acquiring two shopping centers in Riga, Latvia, and Kuressaare, Estonia. This deal expands the Fund’s portfolio with stable and regionally significant retail properties.

As part of the transaction, the Fund acquired the “Damme” shopping center in the strategically important Imanta district of Riga and the regional “Auriga” shopping center in Kuressaare – one of the most modern and popular retail destinations in Saaremaa. The total transaction value is €56 million, co-financed with support from Swedbank AS.

Both acquired properties demonstrate stable rental income, sustainable operating models, and strong tenant portfolios. In Riga, the “Damme” shopping center’s key tenants include Rimi, Drogas, and LIDO, along with over 60 other businesses. Meanwhile, “Auriga” in Kuressaare hosts a wide range of internationally recognized brands, including Ksenukai, Rimi, Apollo Kino, and H&M. This strategic transaction strengthens the position of INDEXO Real Estate Fund in the Baltic retail market, ensuring stable cash flow and laying the foundation for long-term property value growth. Together, the properties cover over 33,000 square meters and were selected for their attractive locations, strong tenant composition, and long-term development potential.

"Acquiring shopping centers in Riga and Kuressaare is a significant step in our strategy to develop a sustainable and competitive real estate portfolio across the Baltics. These properties serve as strong regional hubs with a stable tenant base and significant long-term development potential. Our goal is not only to provide stable returns but also to create sustainable value. In the coming years, we will focus on property modernization, improving energy efficiency, and enhancing the overall tenant experience," said Kristaps Bērziņš, Head of Provendi Asset Management.

"This transaction allows us to realize the value created through stable investments and redirect capital toward new growth opportunities," said Hannes Pihl, Investment Director and Board Member at Summus Capital. "We are grateful to our long-term tenants and partners for their cooperation in the Auriga and Damme projects. This sale marks the next stage in building an even stronger and more modern Summus Capital portfolio."

"We are proud to support INDEXO Real Estate Fund in this strategic acquisition of two shopping centers in Riga and Kuressaare. As a financial partner, we recognize the strategic significance of this deal for INDEXO Real Estate Fund. It not only strengthens their presence in the Baltic market but also aligns with our vision to support sustainable investments that foster regional development. Our collaboration reflects our commitment to providing top-level financial services that promote our partners’ growth while ensuring stable investment returns," said Jevgenijs Ivanovs, Member of the Board and Head of Corporate Clients at Swedbank Latvia.

INDEXO Real Estate Fund currently manages 10 properties with a total value of approximately €175 million.

In addition to the Damme and Auriga shopping centers, the Fund’s portfolio includes assets such as the Olimpia shopping center, DEPO DIY in Panevėžys (Lithuania), Rimi Gaiļezers and Rimi Tukums shopping centers, residential rental buildings at Elizabetes Street 89, Pulkveža Brieža Street 10, and Valdemāra Street 61, as well as the office building at Krišjāņa Barona Street 20/22.

The acquisition of the Auriga shopping center in Kuressaare marks a significant milestone in the Fund’s development as INDEXO Real Estate Fund’s first investment in Estonia. As a result, the Fund now has a diversified portfolio across all three Baltic countries. These investments are part of the Fund’s long-term strategy to continue investing in the Baltic region, with a particular focus on energy-efficient and modern property management.