Record transaction in Riga: Akropolis Group buys Alfa shopping centre from AMD Holding
Shopping and entertainment centre development and management company AKROPOLIS GROUP UAB signed an agreement to acquire the Alfa shopping centre in Riga, Latvia, from AMD Holding. The seller was represented in the deal by real estate consultancy firm Newsec in the Baltics together with its partner BNP Paribas Real Estate. The transaction amount is not being disclosed.
According to Andrius Švolka, the Head of Transactions at Newsec in the Baltics, this is the largest single-asset (i.e., non-portfolio) real estate transaction in the Baltic countries since 2008, when German investor Deka Immobilien acquired Kaunas Akropolis SC. The sale process of Alfa shopping centre attracted a big interest from quite many investors due to its dominant market position in Riga.
The 91,000-square-metre Alfa on busy Brivibas Street in Riga attracts over 7 million visitors annually. A strategically convenient location gives the shopping centre good visibility and easy access by both car and public transportation, while a car park in its vicinity accommodates nearly 2,000 vehicles. More than 96 percent of space at the commercial property is leased out currently, with a list of roughly 200 tenants including such well-known brands as H&M, Lindex, Jysk and Rimi.
The shopping centre was built in 2001 and expanded three times since, most recently in 2020. In recent phase the property was enlarged to 91,000 sqm and became the second-largest shopping centre in the Latvian capital.