The sellers were Fritrade SE and joint-stock Titan Invest, with both sides agreeing not to reveal the purchase sum of the deal.
The 24,300 square-meter Galleria Rīga was opened in the central part of the Latvian capital in 2010.
"The Galleria Rīga shopping center has a unique location in the heart of the city. We see great opportunities to continue developing and improving this well-functioning mall and thereby creating value for our investors," said Madis Raidma, CEO of East Capital Baltics.
The transaction was financed by Swedbank.
East Capital Baltic Property Fund III was established by East Capital in August 2015. The fund invests in quality office or retail properties in Tallinn, Riga and Vilnius