IMANTA: Summus Capital, one of the leading real estate investment holding groups in the Baltics, has acquired Damme shopping center in Imanta with Citadele Bank financing.
This is the third Summus Capital acquisition in Latvia. So far, the group has supplemented its portfolio in Latvia by acquiring shopping and entertainment center Riga Plaza and DEPO store in Imanta.
Damme shopping center is located at 1A Kurzeme Avenue, Imanta, which is the third largest neighborhood in Riga in terms of population (more than 43.3 thousand people were registered in Imanta in 2021.) Damme is the leading shopping center in the area, with a total area of 16,000 m2 and its largest tenant is Rimi Hyper. Stores are providing a diverse and comprehensive offer for everyone – everyday shopping, fashion stores and catering opportunities.
“The acquisition of Damme shopping center is an important step for Summus Capital to strengthen it’s market position in Latvia, taking into account that this is the third transaction in less than a year and a half that has been made in Latvia. It was our strategic choice to supplement Summus’ retail tenant portfolio in Riga and also this time Citadele’s financing was helpful to achieve our goals. In addition to the entertainment, fashion and DIY segments, a prominent selection of tenants focused on the district’s center is now being added. We also plan to invest in similar projects in the future, prioritizing the acquisition and development of existing buildings,” said Hannes Pihls, Member of the Board of Summus Capital.
“Summus Capital is one of the most active investment funds investing in the purchase of new real estate in the Baltics and this is the second retail project financed by Citadele. This proves that Summus Capital has a clear vision for growing their portfolio. We also see that it is very important for the company to invest in sustainable facilities that meet modern energy efficiency standards, which is also very important for Citadele,” says Vaidas Žagūnis, Citadele Board Member and Head of Corporate Banking in the Baltics.
The transaction has been concluded between Riga Center Holding AS as seller and SIA “DIP2” (Summus Capital group company) as buyer. The amount of the transaction is not disclosed. Citadele Bank has issued financing in the amount of 22 million euros for the transaction.
The transaction was advised by Colliers. Vilgerts Law firm represented the buyer in the transaction.