East Capital Real Estate’s third Baltic fund has added a shopping centre in Latvia to its portfolio.

East Capital Baltic Property Fund III has acquired Galleria Riga shopping centre Riga from Fritrade SE and Titan Invest.

No financial details were disclosed.

The shopping centre, which has around 24,300sqm of gross leasable area, has development and value enhancement potential, the fund manager said.

Madis Raidma, the CEO of East Capital Real Estate, said: “We see high potential for further development and enhancement of its already very good operations and aim to unlock additional value in this property for our investors.” 

Launched in 2015, East Capital Baltic Property Fund III invests in commercial properties in Tallinn, Riga and Vilnius.

Earlier this month, the emerging and frontier markets focussed asset manager also announced that the fund has bought a newly built logistics and industrial park in Riga, for €10.6m.

The fund, which has an equity capital of €100m, currently has three properties in Estonia and two in Latvia.