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2020-10-14

Citadele Bank lends €38 million to Akropolis Group’s Aido turtas company

Citadele Bank and “Aido turtas”, a company managed by the Akropolis Group, which owns the Akropolis shopping and entertainment center in Šiauliai, have agreed on a financing package worth €38 million. The financing is intended for refinancing of current commitments and for general development of the company.

“The Akropolis shopping center in Šiauliai and Akropolis centers elsewhere have become important objects of attraction for the local populations, as they provide shopping and service venues, giving them the opportunity to add value and to contribute significantly to the local economy. As a bank that is oriented toward business and local residents, we value the  cooperaion with one of the largest business groups in the Baltic countries and we are happy to become financial partners of the Akropolis Group, ready to assist in development of the the business and fulfilling its potential”, says Vaidas Žagūnis, a member of the Board of Citadele Bank and Head of the Business Banking Service for the Baltic countries.

“We are very pleased to begin collaboration with Citadele Bank and we appreciate their trust in us. The agrrement we have reached  confirms that our Group is on the right path of leadership and sustainability in the shopping center market”, says Vitalij Bedugnis, CEO of Akropolis Group.

According to a representative survey of residents done in June 2020 by market survey company Nielsen, Akropolis is the most popular shopping center in Šiauliai. Half of the Šiauliai residents in the survey named Akropolis as the shopping center that they most frequently visited; and 79% of them said they had been there during the past month.

Citadele Bank finances the region’s business development comprehensively and actively. The Bank recently gave €2.5 million in financing to investment company INVL Technologies for development of the companies it operates; €7.3 million in financing to Vičiūnai Group’s logistics and warehousing center; an additional €6.8 million to the international ice-cream and dairy product manufacturer Food Union; it provided a €30 million loan to the VMG Group; and it signed a credit contract worth €4.5 million with logistics operator Baltic Transline, as well financing other companies.

The leading shopping and entertainment centre development and management company in the Baltic countries - JSC AKROPOLIS GROUP is engaged in shopping and entrainment centers’, office buildings’ development, management and lease activities in Lithuania and Latvia. The Group has built 5 shopping and entertainment centers in Lithuania and Latvia. At present Akropolis Group manages Akropolis shopping centers in Vilnius, Klaipėda and Šiauliai, as well as Akropole in Riga, Latvia.

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