The real estate fund "INDEXO Real Estate Fund", managed by "Provendi Asset Management AIFP", has signed an agreement with "Eastnine" to acquire three commercial properties in Riga – office buildings at 1 Zaļā Street and 62/62A Krišjāņa Valdemāra Street, as well as an adjacent retail property. This transaction marks a significant step in expanding the fund’s portfolio and strengthening its position in the Baltic commercial real estate market.
The acquired properties have a total gross leasable area (GLA) of 13,750 square meters and are occupied by more than 20 tenants. The assets are located in strategically attractive areas of Riga, ensuring strong demand and long-term development potential.
The total transaction value exceeds EUR 38 million, and upon completion, the fund’s assets under management (AUM) will increase to approximately EUR 215 million. This acquisition will further diversify the fund’s portfolio, adding high-quality office assets in line with its long-term investment strategy.
“This transaction is another important step in our strategy to develop a balanced and sustainable commercial real estate portfolio across the Baltics. The newly acquired assets stand out due to their prime locations, diversified tenant base, and stable income streams, providing a solid foundation for the fund’s continued growth,” says Kristaps Bērziņš, CEO of "Provendi Asset Management AIFP".
The completion of the transaction is subject to approval by the Competition Council of Latvia. The Buyer has chosen “SEB Banka” (Latvia) to be the long term financing partner in the Transaction, and the legal representatives of the Buyer in the Transaction were legal office WALLESS ZAB.
Since its inception, "INDEXO Real Estate Fund" has demonstrated strong growth, driven by a series of targeted acquisitions across the Baltics and strong operational performance. Based on the current portfolio, the fund is expected to generate approximately EUR 13–14 million in annual net operating income (NOI). The fund continues to deliver solid returns to investors, achieving an annual return of more than 10% in 2025, reflecting high asset quality and efficient property management.
The fund’s strategy remains focused on active portfolio expansion by acquiring high-quality, income-generating commercial properties across the Baltic region.
About "Provendi Asset Management AIFP":
SIA "Provendi Asset Management AIFP" is an alternative investment fund manager registered with the Bank of Latvia. It was founded by a group of private investors, including IPAS Indexo. The management team has more than 20 years of experience in investment management, commercial banking, and real estate. Currently, the company manages the "Indexo Real Estate Fund". More information: www.provendi.lv
About "Indexo Real Estate Fund":
An independent real estate investment fund established at the end of 2022. Its objective is to invest in high-quality, low-risk properties across the Baltic region (office, retail, logistics, and industrial assets), ensuring stable cash flow and attractive returns for investors. Currently (excluding the above-mentioned transaction), the "Indexo Real Estate Fund" portfolio includes 10 properties across Latvia, Lithuania, and Estonia, forming a balanced and sustainable investment portfolio across the Baltics.
