The Lumi Retail Property Fund, which is managed by Lumi Capital OÜ, recently expanded its operations in Rīga, acquiring another two commercial buildings in the city: one at Vienības gatve 95 and the other at Tilta iela 32. The anchor tenant in both buildings is the supermarket and hypermarket chain Rimi Latvia, with whom long-term lease agreements have been entered into. As a result of this acquisition, the fund now owns nine commercial buildings in total.
“The buildings are close to busy streets and public transport hubs, offering easy access to both pedestrians and drivers, as reflected in their daily visitor numbers,” explained Lumi Capitali partner and fund manager Lauri Henno. “Besides Rimi, there’s a stable roster of subtenants in the buildings meeting customers’ needs. We’re very happy with our investments – traditional supermarkets like these are a good addition to our fund of local stores. The continued growth of the fund and the synergy with other sites are helping us grow the value of the fund for investors.”
Henno added that the company’s intention is to continue adding to its portfolio in the Baltic States. “These latest acquisitions are a clear step in that direction,” he said. “Our fund now has four commercial sites in Rīga, two in Tallinn and three in other towns and cities in Estonia.”
Lumi Retail Property Fund is a Baltic-wide real estate fund that specializes in neighborhood shopping centers close to home. The total volume of the fund's investments is planned to be 100 million euros within a timeframe of 20 years. The anchor investors of the fund are Swedbank pension funds.
