Prosperus acquires shopping centre in Riga with Lidl as the main tenant

Prosperus Real Estate Fund III (UTISIIB UAB “PREF III”) investment fund of the asset manager Prosperus has acquired a shopping centre in Riga with the approximate area of 5,000 square meters from the real estate developer VPH Latvia.

The anchor tenant is Lidl, and premises are leased to such well-known brands as Pepco, Dino Zoo, Spirts & Wine, Apotheka and other retailers. Luminor Bank has provided EUR 7 million of financing to complete the transaction.

The facility was opened to the customers in December 2021 when the construction works were sufficiently completed. The German retail chain Lidl has opened 17 stores in Latvia by now but these premises are the first to be leased by Lidl.

Our client Prosperus was advised by Ellex partner in Latvia Inita Jurka, associate Ineta Kaņepe and senior tax consultant Eduards Dzintars.

Prosperus Real Estate Fund III invests in commercial real estate properties leased by major food retail chains. The fund’s portfolio is currently worth €39.15 million and aims to reach €100 million.

Prosperus was founded in 2013 and today is one of the largest investment fund management companies registered in Lithuania. Prosperus Asset Management aims to offer local and foreign investors the opportunity to invest in the rapidly growing Baltic market.