INDEXO Real Estate Fund, managed by Provendi Asset Management, has completed a new portfolio transaction by acquiring two shopping centers in Riga and Kuressaare (Estonia). This deal expands the Fund’s portfolio with stable and regionally significant retail properties. Within the transaction, the Fund acquired the Damme shopping center in Riga’s strategically important Imanta neighborhood and the Auriga regional shopping center in Kuressaare — one of the most modern and popular retail destinations in Saaremaa. The total transaction value is EUR 56 million, co-financed with the support of Swedbank AS.
Both acquired properties demonstrate stable rental income, sustainable operating models, and strong tenant portfolios. The main tenants of the Damme shopping center in Riga are Rimi, Drogas, and LIDO, along with more than 60 other businesses. Auriga in Kuressaare hosts a wide range of internationally recognized brands, including Ksenukai, Rimi, Apollo Kino, and H&M. This strategic deal strengthens the position of INDEXO Real Estate Fund in the Baltic retail market, ensuring stable cash flow and creating a foundation for long-term property value growth. Together, the two properties cover more than 33,000 square meters and were selected based on their attractive location, strong tenant base, and long-term development potential.
“The acquisition of shopping centers in Riga and Kuressaare marks an important milestone in our strategy to build a sustainable and competitive real estate portfolio across the Baltics. These properties serve as strong regional centers with a stable tenant base and significant long-term development potential. Our goal is not only to ensure 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, CEO of Provendi Asset Management.
“This transaction allows us to realize the value created through stable investments and redirect capital towards new growth opportunities,” said Hannes Pihl, Chief Investment Officer and Management Board Member of Summus Capital.
“We are grateful to our long-term tenants and partners for their cooperation on the Auriga and Damme projects. This sale marks the next stage in building an even stronger and more modern portfolio for Summus Capital.”
“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 importance of this deal for the Fund. It not only strengthens their presence in the Baltic market but also aligns with our vision of supporting sustainable investments that contribute to regional development. Our cooperation reflects our commitment to providing top-level financial services that foster our partners’ growth while ensuring stable investment returns,” said Jevgenijs Ivanovs, Member of the Management Board and Head of Corporate Banking at Swedbank Latvia.
INDEXO Real Estate Fund currently manages 10 properties with a total value of approximately EUR 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 an office building at Krišjāņa Barona Street 20/22.
The acquisition of the Auriga shopping center in Kuressaare marks a significant step in the Fund’s development, as it is 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.
