Fund managed by Provendi acquires Olimpia shopping centre for more than EUR 40 million
1/14/2025
In recent years, Olimpia has made investments over 10 million in modernizing the shopping centre and improving its energy efficiency, and in 2024 it was awarded with BREEAM In-use certification at the level of "Very good". Major investments to make tenant fit-outs, as well as solar panels have been installed, lighting has been improved with LED technology, and charging stations for electric vehicles have been installed at the centre, making it a sustainable, modern and attractive choice for both shoppers and tenants. The diversity of Olimpia’s tenants attracts both active shoppers and new tenants, creating a sustainable and dynamic environment.
“The acquisition of Olimpia shopping centre diversifies our fund’s property portfolio and strengthens our presence in the Baltic commercial real estate market. We are proud of the performance of Provendi Asset Management AIFP team and the high level of investor confidence. In less than two years, we have built a quality portfolio, which at the moment is made up of seven properties with a total value of assets under management of over EUR 110 million. With EUR 54 million raised and ambitious plans, we will continue rapid development also in 2025,” says Provendi Asset Management AIFP CEO Kristaps Bērziņs.
Antanas Danys, Partner of Grinvest, the exiting owner of shopping centre Olimpia, comments: "The renovation of Olimpia has been nothing short of a transformative journey for our team. Acquired during the 2020 pandemic, we faced a retail sector in lockdown, the economy and society at large in shock, with a center in urgent need for renovation. By 2024, we achieved an extraordinary 99% occupancy, delivered new brands and services to Riga and renovated the entire center without shutting it down for a day. This torch is in the hands of Indexo Real Estate and Provendi team now, and we are confident it will be a success for its investors as well as ever stronger retail hub for the tenants of Olimpia"