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2022-09-14

In the first half of the year Akropolis Group’s tenants’ turnover exceeded the pre-pandemic levels

The tenant turnover in five shopping centres in Lithuania and Latvia, managed by Akropolis Group, the Baltic States leader in development and management of shopping and entertainment centres, grew from EUR 224.9 million to EUR 487.2 million, i.e. more than two-fold growth compared to year ago. The like-for-like comparison to 2019 shows tenants’ turnover increase of 27%. During the first half of the year, then pandemic restrictions were eased, the shopping centres managed by the group had 18,5 million visitors. The key financial indicators of Akropolis Groups surpassed the pre-pandemic levels.

“The spring cancellation of the National Covid Certificate and of other pandemic restrictions, has allowed us to return to the usual business conditions this year. We were happy to witness that visitors enjoyed their return to in-person shopping and leisure activities in shopping centres. This is also reflected in the growth of the tenants’ turnover, which was record high.”- says Manfredas Dargužis, CEO and Chairman of the Board of Akropolis Group. – “The financial results of the group were positively influenced by Akropole Alfa, which was acquired last year. We have fully integrated Riga’s shopping centre, into Akropolis family this year.”

According to consolidated data, the revenue of Akropolis Group of January to June 2022 amounted to EUR 54 million, and the earnings before interest, taxes, depreciation and amortisation (EBITDA) was EUR 36.4 million, which is respectively 49% and 37% more than in the first six months last year. The like-for-like comparison with 2019 shows increase of group’s revenue and EBITDA by 14% and 9%, respectively.

In the first half of this year, Akropolis shopping centres had 18.5 million visitors – 68% more than in the same period last year or 42% more if Akropole Alfa is not included. Meanwhile, in January to June 2019 the then operating shopping centres managed by Akropolis Group had 16.9 million visitors.

The occupancy rates of the shopping and entertainment centres remained high in January to June this year, with only 2% of vacancies.

This year, Akropolis Group finished integrating its second shopping centre in Riga acquired in autumn last year into its group structure, also changed its name to Akropole Alfa. In May, the Group presented its preliminary plan to construct a new one-storey building of about 3,500 square meters GLA next to Akropolis Klaipėda. The latter will allow to expand the supply of goods and services to the visitors of Akropolis in the Lithuanian port city.

Currently, Akropolis Group pays much attention to the ambitious conversion project Akropolis Vingis in Vilnius Vilkpėdė district. The Vilnius Regional Council of Architects (VRCA) gave a positive assessment of the architectural solutions of the multifunctional cultural, entertainment, business and shopping complex, the design proposals of the project were presented to the public in July.

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