Rietumu Banka has lent more than 8 million euros for an acquisition of regional shopping centres

To continue financing of business projects in Latvia, Rietumu Banka granted a loan to SIA Mart 11 – Latvian subsidiary of Estonian fund managed by Nuve Partners that invests into grocery-anchored retail properties.

The loan amount is 8.1 million euros, and it is intended for the acquisition of 11 shopping centres in different Latvian regions. The anchor tenant of the shopping centres is RIMI.

The properties managed by SIA Mart 11 are located all over Latvia: in Riga, Jurmala, Adazi, Bauska, Gulbene, Kuldiga, Liepaja, Madona, Olaine, Valmiera, and Ventspils.

All retail stores benefit from well-developed surrounding infrastructure and are conveniently accessible, which makes them an attractive daily shopping destination.

The overall floor area of the stores exceeds 9 000 sq. m, and those are rented out under long-term agreements. The financing provided will enable further maintenance and management of the properties, ensuring that local customers are offered wide range of everyday goods.

According to the Member of the Board and the Head of Lending Department of Rietumu Banka Artūrs Jukšs, "Availability of high-quality shopping centres in regional areas boosts more even economic growth across the country and improves the quality of life. Therefore, we are glad to support the companies discovering the opportunities beyond Riga and adjacent locations. The development strategy of Nuve Partners is in line with our idea of sustainable and focused business growth that will be beneficial for the whole society.” 

“After two years of subdued activity due to the interest rate environment, we are observing more appealing opportunities across all three Baltic States. This acquisition highlights the resilience of the grocery-anchored retail segment, which continues to offer strong risk-adjusted returns. Rietumu Banka delved into our business model, both assessing our current portfolio and recognising the future growth potential We anticipate further acquisitions in 2025 as the market continues to recover,” noted Lauri Henno, Partner of Nuve Partners and fund manager of the grocery-anchored retail fund.

Nuve aims to use modern energy efficiency solutions in the stores in its pan-Baltic portfolio. Those include energy efficient LED lights in shopping area, energy-efficient cooling systems, smart building management systems, and light sensors in staff rooms. Increasingly more stores are being equipped with solar panels on the roofs. Parking spaces are gradually being equipped with electric car charging stations for customer convenience.

About Nuve Partners

Nuve Partners is an Estonian investment management company established in 2013. The company focuses on investing in commercial properties in the Baltic countries. Its grocery retail fund invests in grocery-anchored properties generating cash flow and has successfully acquired more than 20 such projects. The fund’s activities follow the ESG principles. All investments are made in cooperation with capital partners: private individuals, pension funds, and international property investors.