Primus Derling has advised the Lumi Retail Property Fund on its acquisition of the shares of SIA Anninmuizas Iela, owner of the Anninmuizasa retail shopping center in Riga, from Latvian investment fund Hipo Latvijas Nekustama Ipasuma Fonds I, which was advised by Ellex Klavins.
Lumi Retail Property Fund is an Estonian fund managed by Lumi Capital that specializes in investing in neighborhood shopping centers and grocery stores in the Baltics. The total volume of the fund’s investments will amount to EUR 100 million with a time period of 20 years. Primus Derling described the acquisition as "an important milestone as it is Lumi’s first investment outside Estonia."
Primus Derling’s team was led by Partner Kristine Gaigule-Saveja and included Senior Associate Zane Krecere-Jemeljanova and Associate Laura Skromule.
The Ellex team consisted of Partner Ivars Pommers and Senior Associate Henrijs Niedra.