LSREF3 Riga Plaza

Overview

LSREF3 Riga Plaza is a Luxembourg-based real estate investment entity that previously owned the Rīga Plaza shopping center in Latvia. The company was registered on May 3, 2016, with a paid-up capital of €5,504,800. Its primary activities included the rental and operation of own or leased real estate, as well as holding company operations. The legal address of the company was Mūkusalas iela 71, Rīga, LV-1004. In December 2020, the ownership of Rīga Plaza transferred to Summus Capital, an Estonian real estate investment holding company, and Estonian investor Ivar Vendelin. Prior to this transaction, Rīga Plaza was owned by LSREF3 Riga Plaza. The new owners, Summus Capital and Vendelin, acquired the shopping center through Loft Office, a company indirectly owned by them. The beneficial owners of LSREF3 Riga Plaza were identified as Russian citizen Galina Skvortsova and Estonian investor Ivar Vendelin. Following the acquisition, Summus Capital and Vendelin became the new owners of Rīga Plaza, marking a significant change in the ownership structure of the shopping center. The transaction was financed by Luminor Bank, and the parties agreed not to disclose the purchase price. The acquisition was part of Summus Capital's strategy to expand its real estate portfolio in the Baltic states, which includes various properties in Estonia, Latvia, and Lithuania. The Rīga Plaza shopping center, located on Mūkusalas Street in Rīga, Latvia, is a prominent retail and entertainment destination. It offers a wide range of shopping, dining, and entertainment options, attracting both local residents and visitors. The center's strategic location near the Salu Bridge makes it easily accessible to a broad audience. The acquisition of Rīga Plaza by Summus Capital and Vendelin reflects the ongoing investment activities in the Baltic real estate market, highlighting the region's appeal to investors seeking opportunities in the retail and commercial property sectors. The new ownership aims to enhance the shopping center's offerings and maintain its position as a leading retail destination in Latvia. Overall, the transition of ownership from LSREF3 Riga Plaza to Summus Capital and Ivar Vendelin signifies a dynamic shift in the Baltic real estate investment landscape, with a focus on revitalizing and expanding key commercial properties to meet evolving market demands.

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