Swedish real estate company "Eastnine" announced the signing of a contract for the sale of two properties in Riga for approximately €38 million, which corresponds to the book value of the assets. The buyer is the "Indexo Real Estate Fund" managed by "Provendi Asset Management".
The deal concerns the office buildings "Alojas Biroji" and "Zaļā 1" in the center of Riga and will be executed through the sale of companies. The total leased area of the buildings is approximately 13,700 sq. m. Almost €32 million will be paid in cash, while just over €6 million will be received by "Eastnine" in shares of the "Indexo Real Estate Fund".
To close the deal, financial conditions must be met and approval from antitrust authorities obtained. The transaction is expected to be completed in the second quarter of 2026.
After the sale, "Eastnine" will retain ownership of the business center "Valdemara Centrs" with an area of about 8,800 sq. m and the development project "Kimmel". According to the company, extensive renovation work is currently underway at "Valdemara Centrs", which includes updating the lobby, café, and adapting office spaces.
"Indexo Real Estate Fund" is an independent real estate investment fund established in 2022. Its goal is to invest in high-quality properties with low risk across the Baltic region. The fund's management company, "Provendi Asset Management", is registered with the Bank of Latvia as a manager of alternative investment funds.
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