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Monday 05.12.2016 | Name days: Sabīne, Sarma, Klaudijs
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Riga Plaza shopping and entertainment centre gets a new owner

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RURiga Plaza shopping and entertainment centre will soon be sold for EUR 93.4 million, according to information on Plaza Centers NV website.

Riga Plaza will be sold to a global investment fund, whose name is not revealed at this time. Karlis Cerbulis, head of Riga Plaza’s co-owner New Century Holding, says that 100% of the shopping centre’s capital shares have been sold.

Cerbulis predicted that the deal could be completed in July. «I cannot reveal the name of the buyer at the time. The only thing I can say is that it is a very reliable western fund, which has chosen Latvia for its investments,» – said Cerbulis.

He added that he is not authorized the reveal the source of funding. He only said that in 2009, when the centre was opened, only 60% of space was filled. In addition, some of the tenants paid only half of the rent fee. «At the moment, the total area of the centre that is rented out is close to 98%,» – said Cerbulis.

In its announcement, Plaza Centers NV explained the deal with the strategy to reorient its portfolio towards a more flexible and more profitable property in order to reduce the company’s debts.

The deal is expected to conclude in the next couple of months. Following the successful completion of the deal, Plaza Centers NV will be able to pay back its debt of EUR 55 million.

Riga Plaza was opened in 2009. The author of the project is Arhis architecture design office. Construction was carried out by Re&Re.

Riga Plaza project was jointly realized by New Century Holdings and Plaza Centers NV, which has developed more than 30 similar projects in Hungary, Czech Republic, Poland, Slovakia, Romania, Israel and other countries.

Funding for the project was provided by SEB Bank, MKB Bank Zrt and UniCredit Bank.

Ref: 102.109.109.5782


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