5 December 2005, Stockholm
RIMI Latvia sells RIGA distribution center and head offices
Money generated will be invested into the expansion of Rimi hypermarket and Supernetto discount store chains.
Rimi Latvia today signed an agreement with Niam Fund III, through Niam III Holding SIA, to sell its central distribution center and head offices in Riga. In conjunction with this transaction Rimi Latvia has signed a twelve-year lease agreement for the whole center.
“The divestment is part of Rimi Baltic's strategic plan to release cash to invest in the expansion of new retail outlets. As such the proceeds will be used for new Rimi hypermarkets and Supernetto discount stores in 2006. Next year Rimi Baltic plans to open more than 40 new stores,” says Rimi Baltic CEO Antonio Soares.
Rimi Latvia will continue to use the Riga distribution center for its own retail operations in Latvia as well as to cross-dock deliveries to the Lithuanian and Estonian operations of Rimi Baltic. Rimi Latvia and Rimi Baltic will maintain their head offices at the same location.
Rimi Latvia (78 stores in Latvia) is a daughter company of Rimi Baltic (174 stores in the Baltic’s). Rimi Latvia is the leader in the food and fast moving consumer goods market in Latvia with three different store formats. Out of 78 stores, 31 are Rimi supermarkets, 10 Rimi hypermarkets and 37 Supernetto discount stores. For more information on Rimi Latvia: www.rimi.lv.
Niam is one of the leading private equity firms in the Nordic and Baltic region specialising in property. Niam Fund III has a total committed equity of 321 million euro, which corresponds to an investment capacity of approximately 1.8 billion euro. For more info on Niam: www.niam.se.