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 sqm 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.