Shopping center ‘Juglas Centrs’ has been recently acquired from RCH Management as a share deal by real estate investment management company Lumi Capital, based in Tallinn. Collliers Baltics Investment team represented the seller in the deal.
‘Juglas Centrs was underperforming when we acquired it in 2014, but after investments, refurbishments and changes in the tenant mix the center has become a well performing and stable asset over the past years with a very good customer flow. We wish Lumi Capital the best of luck with Juglas Centrs and believe that they will continue to improve its performance,’ – commentsJoakim Blanking, Member of the Board at RCH Management.
The acquired shopping center is located at Juglas krastmala 2 in Riga, it has been built in 2002 and upgraded in 2017. The center is more than 4400 sqm large, with RIMI hypermarket as anchor tenant.
‘Juglas Centrs is an established retail location and, being anchored by a grocery tenant, shows good performance during the pandemic. We are happy to congratulate Lumi Capital on this worthy addition to their retail portfolio and our client RCH Management on an opportunity to move on to new exciting projects,’ - says Angela Kolesnikova, Partner and Head of Investment department at Colliers in the Baltics.
‘Juglas Centrs fits perfectly into our fund’s portfolio of retail anchored stores and we see great potential in it. The center meets several criteria that, in our view, ensures great conditions for merchants and thus, good returns on the investment, e.g. good visibilty and accessibility, high visitor numbers, long term rental agreements and a building in excellent condition,“ - adds Lauri Henno, Fund manager at Lumi Capital.
Lumi Capital focuses on investments in all Baltic countries and retains active, day-to-day management of those investments.