NCH Baltics AIFP

Fund manager for value-add real estate opportunities in Latvia, Lithuania and Estonia


NCH Baltics AIFP, established and registered with FCMC in 2021, is a fund manager administering a value-add real estate opportunity fund, NCH Baltic Real Estate Opportunity Fund I which targets primarily cash flowing urban logistics properties in Estonia, Latvia, and Lithuania at acquisition costs below their replacement values. NCH Baltics AIFP is a part of the NCH Capital Inc. group of funds (

NCH Advantage

  • One of the earliest and most significant US investors into the Baltics and Eastern Europe

  • Outstanding reputation – preferred counterparty among buyers, sellers, tenants

  • Most experienced real estate team ( in Latvia; on-the-ground presence and execution since 1995 with 550+ real estate transactions and over € 500 million deployed

  • Previous projects include :  

    Current projects include :  

NCH Baltic Real Estate Opportunity Fund I

The Fund pursues Value-add and Opportunistic strategies:


Assets to be improved via re-leasing, operational efficiencies, and/or redevelopment. Appreciation is expected to be a significant part of the overall investment strategy.


Assets involving repositioning and redeveloping poorly operated, vacant, or outdated buildings. Appreciation is expected to dominate the investment strategy; much of the return may occur at the end of the holding period.


Ganibu Dambis 25d, Riga, Latvia


    Warehouse and Office complex


    Building total area- 6333 m2
    Leasable warehouse area- 5283 m2
    Leasable office area- 773 m2

    Acquisition year:


Street Bullu 51b, Riga, Latvia


    Warehouse and Office complex


    Leaseable warehouse area- 5813 m2
    Leaseable office area- 626 m2

    Acquisition year:



George Rohr


Moris Tabacinic


Karlis Cerbulis

Chairman of the Board

Ralfs Jansons

Member of the Board

Armands Plaudis

Member of the Board

Edgars Livmanis


Svetlana Nikiforova

Chief Financial Officer

Nora Jansone

Chief Sustainability Officer


NCH Baltics supports sustainability programs

Investment of the Fund’s assets and asset management are carried out taking into account the considerations promoting sustainability characteristics, and therefore the Fund is recognized as an ‘Article 8’ fund as per EU’s Regulation 2019/2088 “On sustainability‐related disclosures in the financial services sector” and on sustainability issues the fund qualifies as a “light green” fund.



NCH Baltics Opportunity Fund I AIF Acquires Warehouse Complex on Ganību Dambis 25d for 2.6 Million Euros

NCH Baltics AIFP, the fund manager for the NCH Baltics Opportunity Fund I AIF (the “Fund"), announces the acquisition of its second property – a warehouse and office complex on Ganibu Dambis 25d in Riga, Latvia. ...


The Baltic States are always on the eve of a crisis

"Real estate developers have always complained about the low level of lending in Latvia. It is difficult to find another country where it is so low," said Kārlis Cerbulis, head of the investment fund group NCH Riga office, in an interview with Delfi. ...


NCH’s Newly Formed Real Estate Fund Acquires its First Property

The alternative investment fund NCH Baltics Opportunity Fund I AIF has purchased its first industrial property for approx. 2.5 million euros in Riga, Buļļu Street 51b. The warehouse complex at the intersection of Buļļu and Kleistu Streets ...


“Mezaparka Offices”
Kelnes Street 1, Riga, LV-1014, Latvia

Ralfs Jansons

Member of the Board

+371 29414043

Karlis Cerbulis

Chairman of the Board