Rietumu Banka and the Indexo Real Estate Fund, managed by Provendi Asset Management, plan to continue their successful cooperation in the development of commercial real estate. The main focus will be on quality assets with stable cash flow and long-term growth potential.
One of the latest jointly implemented transactions was the investment in a property located at 20/22 Krišjāņa Barona Street in Riga, where the fund acquired equity stakes in SIA Barona ēkas. To finance the transaction, Rietumu Banka provided a loan of €2.85 million.
The property meets the investment criteria defined by both parties: it is located in an active part of the city center with high pedestrian traffic, has a diversified and stable tenant structure, and has already undergone significant modernization.
Among the tenants of the building are companies such as Čili Pica, Dental Art, and Patnis.Edu, which ensures a predictable flow of rental income. At the same time, the property retains potential for further value growth through improvements in the quality of the premises and optimization of the rental structure.
"We highly value our cooperation with Provendi and the Indexo Real Estate Fund, which consistently develop a quality real estate portfolio. It is important that the fund's portfolio includes high-level properties not only in Latvia but also in other countries in the region. We view this partnership as long-term – Rietumu Banka is ready to continue supporting promising projects in the real estate sector," noted Arturs Jukšs, a member of the Board and Head of the Credit Management of Rietumu Banka.
"Working with a financial partner that understands the specifics of commercial real estate allows us to respond more quickly to market opportunities and structure deals in line with long-term goals. The transaction involving the property on Krišjāņa Barona Street in Riga clearly reflects our focus – central locations, stable cash flow, and potential for creating additional value," said Kristaps Berziņš, a member of the Board of Provendi Asset Management.
Both parties noted that cooperation is planned to continue, and new projects in Latvia and other Baltic countries are currently being considered. Special attention is being paid to promising segments where a combination of stable income generation and asset value growth is possible.
About Rietumu Banka
Rietumu Banka is the largest Latvian bank with local capital and one of the leading banks in the Baltic region. The bank's activities are aimed at servicing large and medium-sized enterprises in Latvia and other Baltic and European countries, as well as wealthy individuals. Rietumu Banka's clients include companies operating in areas such as green energy, food and other goods production, commercial and residential real estate, construction, import and export operations, logistics, trade, financial services, technology, and other sectors.
About Provendi Asset Management
SIA Provendi Asset Management AIFP is a registered alternative investment fund manager with the Bank of Latvia. The company was founded by a group of private investors, including IPAS Indexo. The management team has over 20 years of experience in investments, commercial banking, and real estate.
About Indexo Real Estate Fund
Indexo Real Estate Fund is an independent real estate investment fund established in late 2022. The fund's goal is to invest in high-quality and low-risk real estate assets in the Baltic countries (office, retail, logistics, and industrial buildings) that provide stable cash flow and attractive returns for investors. Currently, the Indexo Real Estate Fund's portfolio includes 10 properties in Latvia, Lithuania, and Estonia, forming a balanced and sustainable investment portfolio across the Baltic region.
