Rietumu Banka and the real estate fund Indexo Real Estate Fund, managed by Provendi Asset Management, plan to continue their successful cooperation in the development of commercial real estate, focusing on high-quality assets with stable cash flow and long-term growth potential.
One of the latest transactions completed jointly is an investment in the 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 granted a loan of EUR 2.85 million.
The property meets the investment criteria defined by both parties — it is located in an active city-centre area with high pedestrian traffic, features a diversified and stable tenant mix, and has already undergone substantial improvements.
Tenants of the building include Čili Pica, Dental Art and Patnis.Edu, ensuring a predictable rental income stream. At the same time, the property retains further value appreciation potential through continued improvements to the premises and optimization of the leasing structure.
“We highly value our cooperation with Provendi and Indexo Real Estate Fund, which is purposefully developing a high-quality real estate portfolio. We see that the fund’s portfolio includes strong assets not only in Latvia but also in other regional markets, and therefore we view this partnership as long-term cooperation. Rietumu Banka remains committed to supporting sustainable real estate projects going forward,” said Artūrs Jukšs, Member of the Board and Head of Lending Department at 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 transactions in line with long-term objectives. This property clearly illustrates our focus — central locations, stable cash flow, and the potential to create additional value,” said Kristaps Bērziņš, Member of the Management Board of Provendi Asset Management.
Both parties note that the cooperation will continue, and new projects in Latvia and across the Baltics are currently being evaluated. Particular attention is being paid to market segments where stable income generation can be combined with active value growth.
About Provendi Asset Management
SIA Provendi Asset Management AIFP is an alternative investment fund manager registered with the Bank of Latvia. The company was founded by a group of private investors, including IPAS Indexo. The management team has more than 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 at the end of 2022. Its objective is to invest in high-quality, low-risk properties across the Baltic region, including office, retail, logistics, and industrial buildings, providing stable cash flow and attractive returns for investors. Currently, the Indexo Real Estate Fund portfolio includes 10 properties in Latvia, Lithuania, and Estonia, forming a balanced and sustainable investment portfolio across the Baltics. In addition, the fund has signed an agreement for the acquisition of three commercial properties in Riga — office buildings and a retail property.