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East Capital’s fund buys Galleria Riga shopping centre

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAsset-management company East Capital’s real estate fund East Capital Baltic Property Fund III has completed the deal for the purchase of Galleria Riga shopping centre.

Fritrade SE and AS Titan Invest sold the property. All participating sides agreed to keep the price of the deal undisclosed.

Galleria Riga shopping centre was opened in October 2010. The shopping centre has a total area of 24,300 m2 with stable tenants – Rime, fashion brands COS, H&M, SuitSupply, Mango, Reserved, Lloyd and Ecco, as well as a sports club and a restaurant floor.

«Galleria Riga has a unique location in the city centre with excellent operational results and a great potential for future development. We plan to continue developing and increasing property value for our investors,» says East Capital Baltics AS CEO Madis Raidma.

The deal was financed by Swedbank. It was consulted by Vilgerts law firm and Ernst&Young.

East Capital Baltic Property Fund III is a real estate fund formed by East Capital in 2015. It invests in high-quality real estate commercial properties in Tallinn, Riga and Vilnius.

The fund’s capital is EUR 100 million. It is primarily intended for institutional investors. The fund has performed investments in three pieces of real estate in Tallinn and surrounding territories and two pieces of real estate in Riga. In Tallinn, the fund has invested in Vesse shopping centre, where the main tenants are Bauhof and Coop, as well the first Hilton hotel in Baltics and Nehaty Logistics Park. In Riga, the fund has invested in two newly-purchased pieces of property – P5 logistics complex and Galleria Riga.

East Capital Real Estate is part of East Capital group – a real estate asset management company in Baltic States with offices in all Baltic States.

East Capital is an independent asset manager that specializes in exploration of new and progressive markets. It was founded in Sweden in 1997. It has offices in Dubai, Hong Kong, Luxembourg, Moscow, Oslo, Stockholm and Tallinn.


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