Provendi Asset Management joins BREL Forum 2026 as Partner – and is back on the Deal of the Year shortlist
Since autumn 2025, Provendi Real Estate Fund has added shopping centres in Riga and Kuressaare and a prime office cluster in central Riga to its portfolio. The transactions behind this expansion, worth more than €94 million combined, have earned the fund a Deal of the Year nomination at the BREL Awards 2026.
Two deals, one Baltic portfolio
In October 2025, the fund acquired the Damme shopping centre in Riga’s Imanta district and the Auriga shopping centre in Kuressaare, Estonia, from Summus Capital for €56 million, with co-financing from Swedbank. The two centres cover more than 33,000 m². The deal was the fund’s first investment in Estonia and gave it a presence in all three Baltic states.
In spring 2026, the fund agreed with Eastnine to acquire office buildings at Zaļā iela 1 and Krišjāņa Valdemāra iela 62/62A in Riga, together with an adjacent retail property. The assets have 13,750 m² of GLA and more than 20 tenants, and the deal value exceeds €38 million.
Growth backed by results
After the Damme and Auriga acquisition, the portfolio held 10 properties valued at approximately €175 million. Today it comprises 13 assets worth around €215 million, with more than 500 tenants across Latvia, Lithuania and Estonia. Net operating income for the first half of 2026 exceeded €7.0 million, and the fund’s return for 2025 was above 10%. In June 2026, the fund changed its name from Indexo Real Estate Fund to Provendi Real Estate Fund to underline its independent identity.
The nomination builds on an established track record at BREL. The fund’s acquisition of the Olimpia shopping centre, completed in January 2025 for more than €40 million, won Deal of the Year at the BREL Awards 2025. In addition, Elizabetes iela 89, a project owned by Provendi Real Estate Fund, was named Best Renovated Project at the BREL Awards 2023.
What comes next
The fund targets NOI of €13–14 million for 2026 and aims to grow its balance sheet by €50–70 million a year. It focuses on transactions of €20 million and above, where it sees less competition and a team of its size works most efficiently. Looking further ahead, shareholders have backed preparations for a potential public offering, with the aim of opening the fund to a wider circle of investors. Timing and format will depend on market conditions.
“Growth has never been a goal in itself for us. We look for locations we believe in and buildings that will still be competitive in ten years’ time, and every acquisition has to make sense for our investors. This year’s nominated deals show that a focused Riga-based team can compete for some of the largest transactions in the Baltic market,” says Kristaps Bērziņš, CEO and co-founder of Provendi Asset Management.
For Provendi Asset Management, the nomination confirms a consistent strategy: long-term cash flow, a balanced portfolio and a firm belief in the Baltic market.
Meet Kristaps Bērziņš, CEO and co-founder of Provendi Asset Management at BREL Forum 2026, joining leading regional investors to discuss where they see the next opportunities for growth and value creation across the Baltics.
More information: www.provendi.lv
