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2021-08-10

Akropolis Group is expanding: It is buying shopping centre Alfa in Riga

Akropolis Group, which owns shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai and Akropole in Riga, is reinforcing its presence in Latvia. In Riga, the capital city of Latvia, Akropolis Group is buying one of the largest shopping centres - Alfa.

Akropolis Group has signed a deal with AMD Holding to acquire 100 % of the shareholding in Latvian company Delta Property. The latter company owns a 9.7 ha land plot and the building at Brivibas street 372, housing the shopping centre Alfa with the total area of 154,000 sq. m.

The parties have agreed not to announce the value of the intended transaction, which will be closed after a permit from the Latvian Competition Council is obtained.

“We have achieved the leading position among shopping and entertainment centres organically, by developing our own projects, but we have always had the ambition to grow through acquisitions, too. The transaction in Riga adds to our leading position and our trust in the future of the shopping centres business,” Manfredas Dargužis, CEO and Chairman of the Board of Akropolis Group says.

The total area of the shopping centre Alfa is about 154,000 sq. m, net of the parking lot it amounts to 94,000 sq. m, the leasable shopping area is 71,000 sq. m. 1,750 cars can be parked at the same time at the parking lot. 210 shops operate in the shopping centre. Alfa houses shops of such popular local and international trademarks as Zara, Reserved, H&M, Euronics, Sportland, Kidzone, Cenuklubs.lv, Cinamon, Lido, McDonalds, also other shops and service provision places. The shopping centre also houses Rimi – the supermarket selling grocery and consumer goods.

Alfa shopping centre, which has about 7 million visitors per year, underwent major upgrading and expansion in 2019, which required an investment of about EUR 55 million.

When the transaction is closed, Riga will become the first city where Akropolis Group will manage two shopping and entertainment centres. The total area of the shopping centre Akropole in Riga that opened in 2019 is about 97,000 sq. m, including the leasable shopping area of 61,100 sq. m and offices of 9,750 sq. m. It houses about 190 shops, visitors can use 2,400 parking spaces.

“Our long-standing experience and leadership in the sector of major shopping centres allows us to feel confident as we expand in Riga. We have a great vision for the future, we know the consumer, therefore, we are certain that the synergy of two shopping and entertainment centres will help to offer the maximum spectrum of services for Riga citizens and guests,” M. Dargužis says.

The Latvian Competition Council should make a decision not later than within 4 months after submission of required documents. In the transaction, Akropolis Group was advised by law firm TGS Baltic on legal issues.

About Akropolis Group:

Akropolis Group, the leading shopping and entertainment centres development and management company in the Baltics, holds companies providing shopping centres development and management services in Lithuania and Latvia. In Lithuania, Akropolis Group manages shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai, whereas in Latvia – Akropole in Riga.

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