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.

Investment management company Provendi Asset Management AIFP has finalized the acquisition of an office and commercial property in one of Riga’s central locations – Krišjāņa Barona Street 20/22. The transaction value exceeds 4 million euros, reaffirming the company’s strategic commitment to the development of Riga’s historic center and its long-term investment potential.

Alternative investment fund manager Provendi Asset Management, which manages the Indexo Real Estate Fund, has implemented significant changes in the management structure of four properties located in Latvia. These changes aim to improve management efficiency, increase property value, and raise the quality of services provided to tenants and visitors.

Shopping centre “Olimpia” has received the prestigious award in the “Best Shopping Centre” category at the prominent Baltic real estate industry event “Baltic Real Estate Awards 2025”. The award was granted in recognition of the successful reconstruction and sustainable development that have made “Olimpia” one of the most popular shopping destinations in Riga. The centre is owned by the real estate fund “Indexo Real Estate Fund”, managed by “Provendi Asset Management AIFP”.

With this strategically important transaction, INDEXO Real Estate Fund, managed by Provendi Asset Management AIFP, not only expands its real estate portfolio, but also consolidates its positions in the Baltic commercial real estate market. Olimpia shopping centre, located at 5 Āzenes Street in Riga with a net lettable area of 20,991 m², offers the widest range of sports and leisure goods in Latvia. The shopping centre has more than 60 tenants, including a Rimi hypermarket, 24/7 fitness club Gym!, family entertainment centre Adventica, sporting goods store chain Sportland as well as several globally popular sports brands such as Adidas, Sports Direct, Nike and Puma.

At the end of 2024, a modern building opened at 61 Krišjāņa Valdemāra Street in Riga following renovation, offering spacious and comfortable apartments for rent in response to the growing demand for quality apartments. The owner of the building, INDEXO Real Estate Fund has invested more than EUR 3.6 million in renovating the building to turn it into a trendy and attractive place to live. The total area of the building is 2,868 m². The first tenants have already moved in and truly appreciate the building’s unique combination of historic charm and modern functionality.

SIA Provendi Asset Management AIFP, an alternative investment fund manager registered with the Bank of Latvia, is pleased to announce that Sanita Zervena has joined the company’s management team as an Investment Manager. Her extensive experience in real estate development and investment project management will strengthen Provendi Asset Management’s position in the Baltic region.

Indexo Real Estate Fund, managed by Provendi Asset Management, expands its portfolio with a new international acquisition – a shopping centre in Lithuania, with the long-term tenant being a DEPO DIY store. This is a significant step in the company’s strategy, marking its first real estate purchase outside of Latvia.

The shopping centre Gaiļezers, owned by the Provendi Asset Management managed Indexo Real Estate Fund, has leased premises to the LPP Latvia Ltd represented internationally recognized clothing and home goods brand Sinsay. Approximately €150,000 have been invested in the renovation and adaptation of the premises for the new tenant, while the tenant’s investments in the leased premises amount to several hundred thousand euro.

Provendi Asset Management, the manager of Indexo Real Estate Fund (the Fund), is pleased to announce that in less than a year, 100 apartments have been leased in the Fund’s property at 89 Elizabetes Street, which received the Baltic Real Estate Leaders Forum’s (BREL) Revitalized Project of the Year award in 2023. This recognition can be considered a very good achievement.