Akropolis Group adds Alfa Shopping Centre in Riga, Latvia to its portfolio

ALFA Riga Latvia

Akropolis Group, the company which owns and manages shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai, as well as Akropole in Riga, completed acquisition of a major shopping centre in Riga – Alfa. The transaction of purchase of the shopping centre based in the capital city of Latvia was closed on 30 November by acquiring 100% shares in SIA Delta Property, the holder of Alfa shopping centre.

Akropolis Group, the company which owns and manages shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai, as well as Akropole in Riga, completed acquisition of a major shopping centre in Riga – Alfa. The transaction of purchase of the shopping centre based in the capital city of Latvia was closed on 30 November by acquiring 100% shares in SIA Delta Property, the holder of Alfa shopping centre.

Akropolis Group, the company which owns and manages shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai, as well as Akropole in Riga, announces it has completed the acquisition of a major shopping centre Alfa in Riga, Latvia. The transaction was closed on 30 November by acquiring 100% shares in SIA Delta Property, the holder of Alfa shopping centre.

“The expansion of shopping and entertainment centres is a challenge during the pandemic, so we are pleased that this successful transaction in Riga further strengthens our leading positions in the Baltic States in this area. Alfa is a very strong and popular shopping centre in Riga, celebrating its 20^th anniversary this year,” says Manfredas Dargužis, CEO of Akropolis Group.

Akropolis Group will introduce its best practices and apply them to the management of Alfa shopping centre. Zane Kaktina, who has served as the Manager of Akropole Riga for two previous years, has been appointed as the head of the shopping centre.

“Over the past two years, which were full of pandemic related challenges, Zane and her team have demonstrated excellent performance in managing the shopping centre Akropole in Riga. Appreciating her commitment, staying organised and profound experience in cooperation with partners and tenants, we wanted that such a reliable representative of Akropolis Group as Zane would be at the helm of the newly acquired shopping centre Alfa,” M. Dargužis comments on the appointment.

Alfa shopping centre is the first asset in the company’s portfolio not to have been developed by Akropolis Group itself. Riga becomes the first city where Akropolis Group will manage two shopping and entertainment centres.

Akropolis Group’s long-standing experience in the management of major shopping centres and its focus towards long-term mutually beneficial partnerships with tenants, grants the confidence for its expansion in Riga. The company’s first shopping and entertainment centre outside Lithuania, Akropole in Riga, was opened in April 2019.

Alfa shopping centre was opened in 2001 and substantially renovated and expanded in 2019. The total area of the shopping centre is about 154,000 sq. m. Net of the parking lot it amounts to 94,000 sq. m, while the leasable 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 centre.

Alfa shopping centre houses popular international and local trademark shops and service provision places such as Zara, Reserved, H&M, Euronics, Sportland, Kidzone, Cenuklubs.lv, Cinamon, Lido and McDonalds amongst others,. It also houses Rimi – the hypermarket selling groceries and consumer goods.

The parties have agreed not to disclose the value of the Alfa shopping centre sale transaction.

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• ALFA Riga Latvia