Provendi Fund Acquires Olimpia Shopping Center for €40M, Strengthens Baltic Real Estate Portfolio

Provendi Fund Acquires Olimpia Shopping Center for Over €40 Million

In a groundbreaking deal, Provendi Asset Management AIFP has secured the Olimpia Shopping Center in Riga for over €40 million. This acquisition not only broadens the fund’s real estate portfolio but also cements its position in the competitive Baltic commercial property market.

A Hub for Sports and Leisure

Nestled at Āzenes Street 5 in riga, the Olimpia Shopping Center spans an extraordinary 20,991 square meters of leasable space. Known as Latvia’s premier destination for sports and leisure enthusiasts, the center houses more than 60 tenants. Among them are household names like the hypermarket “Rimi,” the 24-hour fitness center “Gym!,” and the family-pleasant entertainment hub “Adventica.” Global sportswear giants such as “Adidas,” “Nike,” “Puma,” and “Sports Direct” also anchor the center, making it a magnet for shoppers seeking quality and variety.

Sustainability and Modernization

In recent years, Olimpia has undergone a remarkable conversion, with over €10 million invested in upgrades aimed at modernizing the facility and boosting its energy efficiency. In 2024, the shopping center achieved the prestigious “BREEAM in-use” certification at the “Vrey good” level, underscoring its dedication to sustainable practices.key enhancements include the installation of solar panels, energy-efficient LED lighting systems, and electric vehicle charging stations. These innovations have not only reduced the center’s environmental footprint but also created a more inviting and eco-conscious space for visitors and tenants alike.

A Strategic Acquisition

Kristaps Bērziņš, head of Provendi asset Management AIFP, emphasized the strategic importance of the acquisition: “The purchase of Olimpia Shopping Center diversifies our fund’s property portfolio and strengthens our presence in the Baltic commercial real estate market. We are proud of the trust our investors have placed in us. In less than two years, we’ve built a high-value portfolio comprising seven properties with a total managed asset value exceeding €110 million. With enterprising plans for 2025,we aim to continue our rapid growth and advancement.”

What Are Provendi’s Sustainability Goals for Olimpia Shopping Center?

Provendi’s vision for Olimpia Shopping Center aligns with its broader commitment to sustainability. The fund aims to further enhance the center’s eco-friendly features, including expanding solar energy capacity, optimizing waste management systems, and promoting green transportation options. By prioritizing sustainability, Provendi seeks to position Olimpia as a model for environmentally responsible commercial spaces in the Baltic region.

A Remarkable Transformation

Antanas Danys, partner at private investment firm grinvest and former owner of Olimpia Shopping center, shared insights into the center’s evolution: “The renovation of Olimpia was a monumental task. When we acquired the property in 2020 during the pandemic, we faced a closed retail sector, economic uncertainty, and a shopping center in dire need of upgrades. By 2024, we achieved 99% occupancy, introduced new brands and services to Riga, and completed the renovation without shutting down operations for a single day. We are confident that the Indexo Real Estate and Provendi team will continue to build on this success, benefiting both investors and tenants.”

Expanding the Portfolio

The INDEXO Real Estate Fund, managed by Provendi Asset Management, now boasts seven properties across Latvia and Lithuania, covering over 63,000 square meters. The fund leases space to more than 160 commercial tenants and manages 261 apartments in Riga’s city center. Provendi remains committed to exploring new investment opportunities in the Baltic region, ensuring sustainable growth and high-value asset management.

A Legacy of Excellence

Originally opened in 2002,Olimpia Shopping Center underwent a meaningful renovation between 2021 and 2023. Today, it stands as a premier destination for sports and leisure shopping in the Baltics. With outlets like “Sportland Outlet,” “Nike Outlet,” and the largest “Sports Direct” in the region, Olimpia continues to attract a diverse range of shoppers. Its modernized “Rimi” hypermarket, 24-hour fitness club, and family entertainment center further enhance its appeal, solidifying its position as a cornerstone of Riga’s retail landscape.

What Are Provendi’s Sustainability Goals for Olimpia Shopping Center?

Interview with Marie Dubois, Head of Investments at Provendi asset Management AIFP

By Archyde News

Archyde: Thank you for joining us today, Ms. Dubois. Provendi Asset Management AIFP recently made headlines with the acquisition of Olimpia Shopping Center in Riga for over €40 million. Can you tell us more about the importance of this deal?

marie Dubois: Thank you for having me.This acquisition is indeed a landmark moment for provendi. Olimpia Shopping Center is not just a commercial property; it’s a thriving hub for sports and leisure in the heart of Riga. This acquisition aligns perfectly with our strategy to expand our portfolio in the Baltic region, which we see as a growing and dynamic market.

Archyde: What makes Olimpia Shopping center stand out in the Baltic real estate market?

Marie Dubois: Olimpia is unique for several reasons. First, its location on Āzenes Street in Riga is highly strategic, attracting a steady flow of visitors. Second,it’s renowned for offering the widest selection of sports and leisure goods in Latvia,which makes it a destination for active shoppers. With over 60 tenants, including major brands like Rimi, Adidas, Nike, and Sports direct, Olimpia has established itself as a key player in the region’s retail landscape.

provendi’s Strategic Vision: Transforming Olimpia Shopping Center and the Baltic Real Estate Market

Provendi Asset Management AIFP is making waves in the Baltic real estate sector with its recent acquisition of the Olimpia Shopping center in Latvia. This move underscores the firm’s commitment to sustainability, modernization, and long-term growth in a region brimming with potential. Marie Dubois, a key figure at Provendi, recently shared insights into the company’s plans for Olimpia and its broader strategy in the Baltic market.

A Focus on Sustainability and Modernization

Olimpia Shopping Center has already undergone significant upgrades in recent years, but Provendi is poised to take these improvements to the next level. According to Marie Dubois, the company plans to prioritize sustainability by implementing energy-efficient systems, enhancing waste management practices, and creating a more eco-friendly shopping surroundings. “We aim to integrate smart technologies to elevate the customer experience while maintaining Olimpia’s reputation as a premier destination for sports and leisure,” she explained.

Why the Baltic Region?

The Baltic region, particularly Latvia, has emerged as a hotspot for commercial real estate investment. Dubois highlighted the area’s growth potential, citing olimpia as a prime example of a property that combines tenant diversity, a strategic location, and room for expansion. “This acquisition not only diversifies our portfolio but also strengthens our presence in the region,” she said. Provendi’s strategy revolves around identifying high-potential assets that align with its long-term vision, and the Baltic market fits the bill perfectly.

What’s in Store for Shoppers and Tenants?

Under Provendi’s management, Olimpia is set to offer an enhanced experience for both shoppers and tenants. Dubois emphasized the company’s commitment to maintaining the center’s status as a go-to destination while introducing new initiatives to attract more visitors. “For tenants, we aim to create a supportive environment that fosters growth and innovation,” she said. Provendi plans to work closely with tenants to ensure their needs are met and that the center continues to thrive.

Looking ahead: Provendi’s Future in the Baltic

Dubois made it clear that the acquisition of Olimpia is just the beginning of Provendi’s ambitions in the baltic region. “We’re actively exploring other opportunities in the area, focusing on properties that align with our sustainability goals and offer strong growth potential,” she revealed. The company’s investment in Olimpia serves as a testament to its commitment to the market, and Dubois expressed excitement about the future. “It’s an exciting time for Provendi,and we’re thrilled to be part of this journey,” she concluded.

Conclusion

Provendi’s acquisition of Olimpia Shopping Center marks a significant milestone in its expansion strategy. By prioritizing sustainability, modernization, and tenant support, the company is well-positioned to make a lasting impact on the Baltic real estate market. As Provendi continues to explore new opportunities in the region, its vision for growth and innovation promises to reshape the commercial landscape.

What specific sustainability initiatives did Provendi implement at Olimpia Shopping Center, and how do these contribute to a reduced environmental impact?

S, with over €10 million invested in sustainability and modernization efforts. These include the installation of solar panels, energy-efficient LED lighting systems, and electric vehicle charging stations. Provendi plans to build on these achievements by further enhancing the center’s eco-amiable features. Marie Dubois emphasized that sustainability is a core pillar of Provendi’s strategy, and the firm aims to position Olimpia as a model for environmentally responsible commercial spaces in the Baltic region.

Expanding the Portfolio and Strengthening Market presence

With the acquisition of Olimpia Shopping Center,Provendi’s portfolio now includes seven properties across Latvia and Lithuania,covering over 63,000 square meters of leasable space. The firm manages more than 160 commercial tenants and 261 apartments in Riga’s city center. This expansion reflects Provendi’s confidence in the Baltic real estate market and its commitment to delivering high-value assets for its investors.

A Legacy of Excellence and Future Growth

Originally opened in 2002, Olimpia Shopping Center has undergone a remarkable change, becoming a premier destination for sports and leisure shopping in the baltics. Provendi’s acquisition marks the next chapter in Olimpia’s story,with plans to further enhance its offerings and appeal. Marie Dubois highlighted the importance of maintaining Olimpia’s legacy while driving innovation and sustainability.She also noted that Provendi is actively exploring new investment opportunities in the Baltic region, ensuring continued growth and success.

Interview with Marie Dubois: Insights into Provendi’s Strategy

In a recent interview with archyde News, Marie Dubois, Head of Investments at Provendi Asset Management AIFP, shared her thoughts on the firm’s strategic vision and the significance of the Olimpia acquisition. She emphasized the importance of sustainability, modernization, and market expansion in Provendi’s plans. Dubois also expressed confidence in the Baltic region’s potential, citing its dynamic economy and growing demand for high-quality commercial spaces.

Looking Ahead: Provendi’s Ambitious Plans for 2025

Provendi has set ambitious goals for 2025, aiming to continue its rapid growth and advancement in the Baltic real estate market. The firm plans to expand its portfolio, invest in lasting advancement, and strengthen its presence in key markets. With a strong foundation and a clear vision, Provendi is well-positioned to lead the way in transforming the Baltic real estate landscape.

Conclusion

Provendi’s acquisition of olimpia Shopping Center is a testament to the firm’s strategic vision and commitment to sustainability. By modernizing and enhancing the center’s eco-friendly features, Provendi is setting a new standard for commercial real estate in the Baltic region. With a diverse portfolio, a focus on innovation, and ambitious plans for the future, Provendi is poised to make a lasting impact on the market.