SEB grants EUR 106.5 million for construction of Akropole shopping mall - the bigest financial transaction in Latvia of this year

SEB Latvia has granted a long-term loan of EUR 106.5 million for construction of the multi-functional shopping centre Akropole in Maskavas street, Riga. It is the largest real estate transaction in Latvia of this year and one of the biggest financing deals concluded in Latvia.

Area of the new shopping mall will reach 98 000 square meters, and it will be opened in Spring 2019. Approximately 90 000 square meters will be used for a retail space and 10 000 square meters will be allocated for offices. Visitors of Akropole will also be able to enjoy a wide range of entertainment, including cinema, as well as IMAX cinema, ice rink, entertainment zone and restaurants.

“By signing this agreement, we are one step closer to the realization of Akropole – a place for entertainment, shopping, business, dining, meeting friends and family – a new and for Riga city a unique combination of large scale shopping, entertainment and office space in one place. We already can promise that an exciting things will happen at Akropole and it will become a “must-see” and “must-be” destination not only for people living in Riga, but also for all tourists and visitor of the city; where some will stop to have a quality entertainment, while others to take a break from everyday life,” says Saulė Zabulionytė, CEO of the company Akropolis Group.

Ints Krasts, board member of SEB Latvia: "This is the first new development of multifunctional shopping center in Riga during the last nine years, and we are glad that Akropole has chosen SEB as their financial partner. Our analysis of the shopping mall industry has shown that in comparison with Tallinn and Vilnius, Riga has the lowest shopping mall intensity per inhabitant. Therefore we are convinced that there is space for one more large-scale shopping mall in Riga, and we are certain that Akropole, with its wide offering, will be able to become one of the favourite shopping malls in Riga. I am also convinced that people will appreciate Akropole’s respect for the historic heritage of this place and its preservation in a new, modern environment."

”We are honored that SEB Latvia has agreed to be our financial partner, thereby showing us incredible credit of trust and willingness for a long term cooperatation. In my opinion, this is not only the largest real estate transaction in Latvia this year, but also one of the largest in Baltic States – the lifetime moment to remember and talk about. By developing the multifunctional shopping center Akropole, our aim is to be the very best in everything – starting from quality criteria in building process to providing the best shopping and entertainment experience” about the project tells Jaco Corneluis, Shareholder Representative of the company Akropolis Real Estate B.V.

The historic heritage of Kuznecov’s porcelain factory is appreciated by preserving two historic chimneys and by re-using the old bricks from dismantling of historic buildings previously located at the site, as well as by re-using other historic elements found at the site, all of which will be re-used in the construction of the historic heritage sections of the new complex, thus honoring and presenting the remarkable history of the place.

The new multifunctional shopping center will provide around 1500 new jobs, it will have at least 2500 parking spaces and 700 new trees, as well as several hundred other plants will be planted in the teritorry of Akropole, thus creating a green and enjoyable environment for the visitors and neighbours of Akropole.

Akropole will be the first multi-functional shopping center in Latvia constructed according to BREEAM (British Research Establishment Environmental Assessment Method) standards of sustainable construction, where high-quality and environmentally friendly materials are used and where efficient use of water, electricity and other sustainable methods are applied.

A new overpass from Dienvidu bridge will be constructed and other surrounding transport flow improvements will be performed for a convenient access of a shopping mall, including the widening of Salaspils street, creating new entrances from both Slāvu and Salaspils streets, as well as surrounding public transportation solutions will be improved for convenience of visitors.

The general contractor of the multifunctional shopping center Akropole is SIA Merks.