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 was built specifically for DEPO DIY’s needs and began operations in 2016. The total building area exceeds 19,000 m², with the land area around 43,000 m².
“The real estate is used by one long-term tenant – the DEOP DIY Lithuanian subsidiary UAB DEPO DIY, with which a new long-term lease agreement is signed. This transaction is a so-called “sale-lease-back” deal. Given that the fund’s portfolio already includes two shopping centres in Latvia, we know what return to expect from this type of real estate. We prepared for the Lithuanian deal for quite some time and are confident that the result will be productive for both us as owners and DEPO DIY as the tenant,” said Kristaps Berzins, Chairman of the Board at Provendi Asset Management.
The Indexo Real Estate Fund, managed by Provendi Asset Management, now has six properties in Latvia and Lithuania, with a portfolio covering over 41,500 m², leasing spaces to more than 100 commercial tenants. The portfolio also includes 260 apartments in residential buildings in central Riga. The portfolio includes shopping centres in Riga (shopping centre Gaiļezers Rimi) and Tukums (shopping centre Tukums Rimi), as well as three rental apartment buildings in Riga (Elizabetes Street 89, Pulkveža Brieža Street 10, and K. Valdemāra Street 61). The total property value currently stands at approximately 70 million euros.
