East Capital Baltic Property Fund III adds prime property in Latvia by acquiring Galleria Riga shopping center
East Capital Real Estate announces today the completion of the acquisition of Galleria Riga shopping center by East Capital Baltic Property Fund III.
Galleria Riga shopping center, a well-established lifestyle, fashion, socializing and food hub in the heart of Riga, the capital city of Latvia, was opened in October 2010. It is surrounded by high fashion street retail, offices, hotels and cultural spots. The property is conveniently accessible by foot, public transportation as well as by car owing to its underground parking facility.
The shopping center totals 24,300 square meters of gross leasable area with an attractive tenant mix: RIMI (grocery), well known fashion brands such as COS, H&M, SuitSupply, Mango, Reserved, LLOYD and ECCO amongst others, as well as a fitness center and a restaurant floor. Crowning the building there is a unique panoramic rooftop terrace, with development and value enhancement potential.
“Galleria Riga has a unique position in the heart of the city. We see high potential for further development and enhancement of its already very good operations and aim to unlock additional value in this property for our investors,” says Madis Raidma, CEO of East Capital Real Estate.
The sellers of the center are Fritrade SE and Titan Invest A/S. The parties have agreed to keep the transaction price confidential.
East Capital was advised by VILGERTS law firm and Ernst & Young and has selected Swedbank to finance the transaction.
About East Capital Baltic Property Fund III
East Capital Baltic Property Fund III is a real estate fund established by East Capital in August 2015. It invests in high-quality commercial properties with well-established tenants in attractive locations in Tallinn, Riga and Vilnius. The equity capital of the fund is EUR 100 million and it is targeted to institutional investors. There are currently five investments in the fund, three properties in Estonia and two in Latvia: Vesse retail center, the first Hilton hotel in the Baltics and Nehatu Logistics Park located in and around Tallinn, and the newly acquired P5 Logistics Complex and Galleria Riga in Riga.
About East Capital Real Estate
East Capital Real Estate, part of East Capital group, is a leading real estate asset manager in the Baltics with a team present on all three markets. The team manages three funds with a total leasable area of 400,000 sqm spread over 25 properties and with total asset value over EUR 415 million.
East Capital is an independent asset manager specialized in emerging and frontier markets, founded in Sweden in 1997, with offices in Dubai, Hong Kong, Luxembourg, Moscow, Oslo, Stockholm and Tallinn. The company manages EUR 3.4 billion in public and private equity funds, real estate funds and separate accounts, for a broad international investor base, including leading institutions.
CEO, East Capital Real Estate
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Christian Pickel / James Morgan
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