Akropolis Group buys Riga shopping centre in record deal

Shopping and entertainment centre development and management company Akropolis Group has signed an agreement to acquire the Alfa shopping centre in Riga, Latvia, from AMD Holding. 

Financial details were not disclosed, but real estate consultancy Newsec has called the deal the largest single-asset transaction in the Baltic countries since 2008, when German investor Deka Immobilien acquired Kaunas Akropolis SC.

The 91,000 m2 Alfa shopping centre on Brivibas Street in Riga attracts over 7 million visitors annually by both car and public transportation, according to the buyer, while a car park in its vicinity accommodates nearly 2,000 vehicles.

More than 96% of the shopping centre's space is currently leased out to around 200 tenants including brands such as H&M, Lindex, Jysk and Rimi.

The shopping centre was built in 2001 and expanded three times since, most recently in 2020. During the recent expansion phase, the property was enlarged to 91,000 m2 to become the second-largest shopping centre in the Latvian capital.

The seller was represented in the deal by Newsec in the Baltics together with its partner BNP Paribas Real Estate.

Andrius Švolka, head of transactions at Newsec in the Baltics, said that the sale of Alfa shopping centre attracted considerable interest from many investors due to its dominant market position in Riga.


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