Lumi Retail Property Fund managed by Lumi Capital acquired fifth neighbourhood shopping center to its portfolio at the end of 2018. The acquisition is an important milestone as it is the funds and Lumi Capital’s first investment outside Estonia.
The shopping center is located in the heart of densely populated Imanta district Riga, the capital of Latvia. The shopping center of Anninmuizas is the main venue for everyday shopping and use of services for the surrounding residents. The building has two strong anchor tenants in the Baltics - Rimi supermarket, the largest seller of food and consumer products in Latvia and MyFitness, a popular gym chain.
The strength of the investment is the good location in a densely populated district and a well-functioning tenant pool.
Lumi Retail Property Fund is specialising in investing in neighbourhood shopping centres and grocery stores in the Baltic countries of Estonia, Latvia and Lithuania. The total volume of the fund's investments will amount to EUR 100 million with a time period of 20 years. The anchor investor in the fund is Swedbank pension funds - the biggest provider of pension solutions in Estonia.