Hili Properties plc has announced its acquisition of a 7,863 sqm shopping centre in Riga, Latvia, for a net price of €20,000,000.
The property is situated on 21,580 sqm of land, in one of Riga’s most densely populated residential areas.
The shopping centre has been operational for 15 years and has the benefit of an anchor tenant as well as other successful retail operators, according to Hili.
The acquisition was announced by Hili Properties plc pursuant to the Capital Markets Rules issued by the Malta Financial Services Authority (MFSA).
It was structured as a share sale pursuant to which a subsidiary of the company incorporated in Latvia acquired 100 per cent of the issued share capital of SIA ‘SC Stirnu,’ incorporated in Latvia, which is the owner of said shopping centre.
This asset in Latvia increases the company’s portfolio from €135 million to €155 million, and extends the total leasable square metres to 98,000, across 24 properties.
Hili Properties owns and manages strategic commercial real estate for lease in the Baltics (Estonia, Latvia and Lithuania), as well as Malta and Romania.
Its portfolio consists of dedicated business blocks and office space, grocery-anchored shopping centres, healthcare facilities, and properties housing McDonald’s restaurants in key commercial districts.
More broadly, the network of companies that make up Hili Ventures, Hili Properties' parent group, is engaged in partnerships with McDonald’s and Apple, logistics, marine and engineering, technology, property, oil and gas, hospitality, and leasing in 10 countries.
Stock photo: Riga