East Capital Real Estate has bought the Galleria Riga shopping center from Fritrade SE and Titan Invest A/S. The 24,000 sqm commerical property located in central Riga has a diverse mix of high profile tenants such as Rimi, H&M, ECCO and Mango. The building also contains a fitness center, a restaurant floor and a roof terrace. Madis Raidma, CEO of East Capital Real Estate Baltics says the deal unlocks “great opportunities to continue developing and improving this well-functioning mall and thereby creating value for our investors”. The property will now become part of East Capital’s Baltic Property Fund III, which now has assets worth over €100 million in the region. The price of the acquisition has not been disclosed by the parties, however it has been confirmed that funding was provided by Swedbank.
