The Indexo Real Estate Fund, managed by Provendi Asset Management, has nearly quadrupled its assets under management in two years, reaching 176 million euros, according to a statement released by Provendi Asset Management.
The fund’s asset value has grown from 48 million euros at the end of 2023, driven by a series of strategic investments in Baltic commercial properties. “We are pleased to have achieved rapid and stable fund growth in such a short time, based on a targeted investment strategy and active portfolio management,” said Kristaps Bērziņš, Chairman of the Board of Provendi Asset Management. “Over the past 18 months, we have completed five new real estate investment transactions and simultaneously improved the performance of existing assets, which has allowed all portfolio properties to present revenue growth.”
Several key deals in 2025 contributed to this expansion. In Latvia, the fund added the “Olimpia” and “Damme” shopping centers to its portfolio, whereas in Estonia, the acquisition of the “Auriga” shopping center in Kuressaare broadened its regional presence. The acquisition of “Olimpia” was recognized with a Baltic Real Estate Leaders Forum (BREL) award in the “Deal of the Year” category. According to Colliers Baltic data, the acquisitions of “Olimpia” and “Damme” placed the fund among the top three largest real estate investment deals in the Baltics in 2025.
Financial indicators also demonstrate the fund’s success. In 2025, the Indexo Real Estate Fund’s Net Operating Income (NOI) reached approximately 9.6 million euros, with a projected amount exceeding 13 million euros for 2026. This reflects both portfolio growth and efficient property management, according to Provendi Asset Management.
Provendi Asset Management aims to increase the fund’s assets under management by approximately 100 million euros each year, with plans to surpass the 200 million euro mark in the near future. The long-term goal is to achieve a portfolio of around 500 million euros within a few years. The fund intends to maintain its focus on cash flow-generating properties in the retail sector, while also evaluating opportunities to expand into the office and logistics sectors, and further develop its presence in Estonia and Lithuania.
The fund is also considering a potential initial public offering (IPO) in the future, citing its growth, predictable cash flow, and dividend policy as factors that would support a successful offering. Preparatory work is underway to assess the fund’s readiness for this next phase of growth.
In July 2025, Provendi Asset Management completed a deal to acquire an office and commercial space building in central Riga, valued at over 4 million euros, demonstrating a continued commitment to the development of Riga’s historic center. The firm also strengthened the management of four properties in Latvia, implementing changes to improve efficiency and service quality, according to a statement released by Provendi Asset Management.
