Eika Asset Management (EAM) completed the transaction during which Maxima Group company Maxima Latvia acquired the real estate company Irbis A, which manages a shopping center in Riga. The company’s shares were sold by the real estate fund “Eika Real Estate Fund” (EREF) managed by EAM.
Irbis A operates a shopping center in Riga with Maxima XXX and other anchor tenants. 7.4 thousand sq. meter area shopping center is located on Groston St. 1, in the Skanstė district – in the rapidly developing new central business, entertainment and residential district of Riga. The shopping center has a 500-space parking lot and a multi-story parking lot.
The shopping center has strong anchor tenants – Maxima XXX, Lemon Gym, Pepco and Sentor Farm Aptiekas SIA, as well as various service and retail operators. The object ensures a diversified structure of tenants and a stable flow of visitors. in 2025 the fully renovated interior of the Maxima XXX store additionally strengthened the object’s appeal.
The EAM Foundation has managed this shopping center since 2022. This was the fund’s first investment in Latvia and the second investment in foreign markets.
“We acquired this object during the period of COVID-19, when it was not an easy phase for the trade segment. Despite the uncertainty of the market, we saw the potential of this property and believed in the possibility of creating long-term value. Throughout the management period, we consistently strengthened the tenant portfolio, increased cash flow and thus created additional value for investors,” says EREF fund manager Paulius Stulgaitis.
According to Mr. Stulgaitis, this investment generated a stable flow of rental income for the fund and was an important step in expanding operations outside Lithuania.
“Today, we see a greater potential to create value for investors through more active investment in logistics, production and commercial real estate projects in Central and Eastern Europe. The transaction reflects our strategy to actively manage the portfolio and direct capital to segments with greater growth potential,” notes P. Stulgaitis.
EREF is the largest fund of Eika Asset Management, focused on operating and developing commercial streaming facilities and intended for informed investors.
Currently, the fund’s portfolio includes 12 objects in different European countries, including: a multi-stage logistics center under development in the north of Warsaw near Modlin Airport (Poland), Warsaw West X logistics center in Sochachev, west of Warsaw (Poland), business centers “.big” in Krakow and “Celebro” in Warsaw, Business Center Tesla 2 in Košice (Slovakia), ViaCon Baltic production base, Tamro logistics center in Kaunas, DHL terminal, Highway business center, Volkswagen and Audi representative offices in Vilnius.
EAM consistently strengthens its position in the markets of Central and Eastern Europe, increasing investments in logistics, production and other commercial real estate projects.