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2021-11-27

Latvian Competition Council has granted Akropolis Group an unconditional merger clearance to acquire shopping centre Alfa in Riga, Latvia

Akropolis Group, which manages Akropolis shopping and entertainment centres in Vilnius, Klaipėda and Šiauliai, and Akropole in Riga, has been permitted to complete the acquisition of Alfa shopping centre in Riga. On 25th November, the Latvian Competition Council granted Akropolis group unconditional merger clearance to complete the acquisition of a shopping centre located in the Latvian capital.

Akropolis Group announces that the transfer of ownership of the shares of the Latvian company SIA Delta property, which owns the Alfa shopping centre in Riga, will be implemented in the near future under the procedure and terms established in the signed agreement.

“The Competition Council of the Republic of Latvia has investigated the planned acquisition by Akropolis Group of 100% of shares in SIA Delta property and sole control of the latter company and found that the contemplated merger would not create or strengthen a dominant position or significantly restrict competition in the relevant markets. Having received an unconditional merger clearance, we intend to complete the transaction in the near future,” said Manfredas Dargužis, CEO of Akropolis Group.

Under agreement between the parties, the value of the acquisition transaction of Alfa shopping centre will not be disclosed.

In August the Lithuanian company, which already operates the Akropole shopping centre in Riga, has  signed an agreement with AMD Holding on acquisition of 100% of shares of the Latvian company Delta Property. The company owns a 9.7-hectare plot of land located at 372 Brivibas Street in Riga, Latvia, as well as the 154 thousand sq. m. building of Alfa shopping centre.

The total area of the shopping centre is 154 thousand sq. m, 94 thousand sq. m without the parking lot, while the GLA amounts to 71 thousand sq. m. The shopping centre car park can hold 1.75 thousand vehicles, while the centre has 210 different stores.

Alfa shopping centre houses shops of popular local and international brands such as Zara, Reserved, H&M, Euronics, Sportland, Kidzone, Cenuklubs.lv, Cinamon, Lido and McDonald’s, in addition to other stores and services. The grocery supermarket operator is Rimi.

Alfa will be the first shopping centre managed by the Akropolis Group that was not initially developed by the company. Furthermore, after completion of the transaction, Riga will become the first city where Akropolis Group manages two shopping and entertainment centres.

In 2019 Alfa shopping centre was substantially renovated and expanded. This required an investment of about €55 million. The total area of Akropole in Riga, which opened in 2019, is 97 thousand sq. m, including 61.1 thousand sq. m of retail GLA and 9.75 thousand sq. m office GLA. It houses 170 stores and 2.3 thousand parking spaces.

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