INDEXO Real Estate Fund, managed by Provendi Asset Management, completed a significant portfolio acquisition comprising Damme Shopping Centre (Riga, Latvia) and Auriga Shopping Centre (Kuressaare, Estonia). The exact sum of the deal remains confidential, but the transaction marks one of the most notable retail investments in the Baltic region this year.
Damme Shopping Centre
Damme Shopping Centre, the principal retail destination in Riga’s Imanta district, spans approximately 16,000 m². Originally a redeveloped industrial site since 2011, Damme hosts anchor tenants Rimi, Drogas, and LIDO, alongside more than 60 other retailers. Damme delivers stable rental income and benefits from a resilient tenant roster, guaranteeing predictable cash flow and low vacancy risk.
Auriga Shopping Centre
The shopping centre is located in Tartu, Estonia and complements the portfolio with its strategic positioning in one of Estonia’s fastest-growing cities. Auriga offers a diverse retail environment anchored by major brands and essential services, reinforcing Provendi’s commitment to acquiring high-performing assets across the Baltics.
Significance of the transaction
For Provendi, this dual acquisition expands INDEXO’s Baltic retail footprint significantly, boosting portfolio assets to approximately EUR 175 million across 10 properties. The transaction strengthens the fund’s regional strategy and marks its first entry into the Latvian residential retail segment through Imanta, while deepening its presence in Estonia’s retail market.
TEGOS role and team
TEGOS acted as the legal counsel for Provendi Asset Management, providing comprehensive legal support throughout the transaction. This included structuring the deal, conducting due diligence, drafting and negotiating transaction documents, and ensuring regulatory compliance. TEGOS’s expertise was instrumental in navigating complex cross-border elements and delivering a seamless closing under tight timelines. Partner Uldis Judinskis and Senior Associate Margarita Ivanova were working on the project.
