TGS Baltic and Walless advise on sale of 11 Rimi Grocery stores to Lumi Retail Property Fund

TGS Baltic has successfully advised Colonna, a prominent commercial property investor in the Baltic region, on the sale of a portfolio of 11 Rimi grocery stores across Latvia to Lumi Retail Property Fund, a fund managed by Nuve Partners. The transaction, a notable development in the Baltic real estate market, saw Walless providing legal counsel to the buyers.

The portfolio, comprising properties primarily located in regional Latvian towns, underscores the rising demand for sustainable and strategically positioned retail investments. According to TGS Baltic, the stores boast convenient locations, long-term lease agreements, and steady foot traffic, making them particularly appealing for investors seeking stable returns in the retail real estate sector.

The acquisition represents a significant addition to Lumi Retail Property Fund’s portfolio, further strengthening its footprint in the Baltic retail market. The fund, managed by Nuve Partners, continues to focus on high-quality retail properties with sustainable growth potential.

“This transaction highlights the strong investor appetite for well-located, income-generating retail assets in the Baltic region. The properties’ strategic positioning and robust leasing terms align perfectly with Lumi’s investment strategy,” said Inese Hazenfusa, Partner at TGS Baltic.

Colonna, a major player in the Baltic commercial property sector, has been instrumental in developing and managing retail assets that attract consistent tenant interest and consumer activity. This sale aligns with Colonna’s strategic focus on optimizing its property portfolio while enabling it to invest in new opportunities.

The legal teams played a pivotal role in facilitating the transaction. TGS Baltic’s team, led by Partner Inese Hazenfusa, included Counsel Janis Bite, Senior Associates Dita Busa and Rudolfs Vilsons, and Associate Karina Narnicka-Cumakova.

Walless provided comprehensive legal support to Lumi Retail Property Fund, ensuring a smooth acquisition process. The team, led by Partners Kristine Gaigule-Saveja and Inguna Abele, included Associate Partner Valters Diure, Senior Associates Laura Tumina, Baiba Krievina-Sutora, Tatjana Sinkevica, and Kristers Zalitis, as well as Junior Associate Emils Klavs Liepins.

The properties involved in the deal, operating under the Rimi brand, are well-established grocery stores in Latvia, one of the region’s most recognized retail chains. With consistent consumer demand and strong lease agreements in place, the portfolio represents a lucrative investment for Lumi Retail Property Fund as it continues to expand its presence in the Baltic retail real estate sector.

The transaction is expected to contribute to the evolving landscape of the Baltic retail market, reflecting investor confidence in the region’s economic stability and growth prospects. Both Colonna and Lumi Retail Property Fund have demonstrated their commitment to advancing the sector through strategic investments and asset optimization.

This acquisition not only reinforces Lumi Retail Property Fund’s position in the market but also sets a benchmark for future transactions in the Baltic retail sector, emphasizing the importance of sustainable, high-traffic retail properties in regional growth strategies.