Investments, Latvia, Markets and Companies, Real Estate, Retail

Director of BPT Asset Management in Latvia Andžejs Neguliners says: “This deal is a part of the international investment fund BPT Optima strategy in the Baltic States. We invest in commercial real estate and develop within 5-8 years by adding value to them. Rimi Hypermarket was a very successful investment for our fund”.

The strategic location of this object is one of the main reasons why Rimi Baltic Group decided to purchase it, thereby extending the range of real estate the company already owns. “With the investment in the Rimi Hypermarket on Valdemāra Street, we plan to continue the successful performance of this hypermarket and ensure consumers have a pleasant shopping experience in Rimi and in other tenants’ stores”, says Rimi Latvia member of the Board Valdis Turlais.

Divestment is a successful step of the medium-term plan of BPT Optima to strengthen the balance sheet of the fund, informed BC Zane Enina, Rimi Latvia marketing and public relations manager.

As a result of the transaction, BPT Optima obtained capital gain from the original acquisition price. Both parties have agreed on confidentiality, thus the amount of the transaction and other details related to it will not be disclosed.

Property management company BPT Asset Management has managed the property since 2003. The property has been owned by BPT Optima since 2007, before that owned by the first BPT fund.

The total area of the property is 5900 sq.m. BPT Optima continues to be the owner of other two properties in Riga – Barona centrs on Kr. Barona Street and Olimpia Shopping Centre in Ķīpsala.

BPT Asset Management is a significant real property asset manager; its specialization in Northern and Eastern Europe is real estate asset management with a value of EUR 1.1 billion.