04 April, 2022

Hili Properties plc completes €20m acquisition of Riga shopping centre


Hili Properties plc, the strategic real estate investment subsidiary of Hili Ventures, has completed the share purchase of the holding company of a prominent shopping centre in Riga. The total investment in this newest addition to Hili Properties’ portfolio – its seventh shopping complex in the Latvian capital – is €20 million.

The 7,863-square metre complex on Stirnu Street sits on a 21,580 square metre plot in one of the city’s most densely populated residential areas and enjoys a consistently high footfall from a strong catchment population. The property has been in commercial operation for 15 years and features Swedish-owned supermarket giant Rimi as its anchor tenant. Other major tenants include Dino Zoo, a market-leading pet supplies retailer; Pepco, a continental discount chain popular for childrenswear and household goods; and cosmetics chain Drogas which enjoys a presence on high streets across the Baltic states. The shopping centre also boasts more than 250 parking spaces for customers.

George Kakouras, Managing Director of Hili Properties said: “We are thrilled with this latest acquisition in Riga, particularly as it meets our investment strategy criteria: long-term leases, a renowned anchor tenant and stable cash flow generation from the first day of entry into our portfolio. It also fits well within our strategy to seek low risk, long-term investments. The property is a landmark in the city, and it is with great pride that we take over its management. We are looking forward to working with the tenants and building a relationship with every one of them, the visitors to the shopping centre, and the local community. There is so much potential to fulfil.”

With this latest acquisition, Hili Properties’ portfolio value grows to €155 million, and its leasable area extends to just under 100,000 square metres. The portfolio now comprises seven grocery-anchored shopping centres across Riga; a private hospital in Bucharest, Romania; 12 properties housing restaurants in key commercial districts in Estonia, Latvia, Lithuania, Malta and Romania; three dedicated business blocks and office space in Sliema, Marsa and Floriana in Malta, and a major industrial plant in Lithuania. Its tenants include Premier Restaurants, Rimi, Norwegian newsagent/convenience chain Narvesen, and industrial materials manufacturer Rehau Group.

All News

View All

14 February, 2024

BOV launches revamped cutting-edge website...

...

Learn More
29 January, 2024

The second edition of the GRC Summit 2024 officially announced...

...

Learn More
26 January, 2024

BOV driving financial literacy & financial planning for customers...

...

Learn More
23 January, 2024

BNF Bank looks back at a year’s commitment to social impact...

...

Learn More

All News

View All

Sponsored Content

14 February, 2024

BOV launches revamped cutting-edge website...

...

Learn More

Sponsored Content

05 February, 2024

BOV launches ‘Rebbiegħa’ initiative...

...

Learn More

Sponsored Content

29 January, 2024

The second edition of the GRC Summit 2024 officially announced...

...

Learn More

Sponsored Content

26 January, 2024

BOV driving financial literacy & financial planning for customers...

...

Learn More

upcoming events

View All

Upcoming Events

27 February, 2024

Workshop: Employees wellbeing and engagement

...

Learn More

Upcoming Events

04 March, 2024

Online Info Session: Carbon Border Adjustment Mechanism

...

Learn More

Upcoming Events

06 March, 2024

What's Trending - Social Media in Malta

...

Learn More

Upcoming Events

12 March, 2024

Info Session on Sustainability Support

...

Learn More

upcoming events

View All

27 Feb
upcoming event 27 February, 2024, 08:30 AM

Workshop: Employees wellbeing and engagement

Learn More
04 Mar
upcoming event 04 March, 2024, 10:30 AM

Online Info Session: Carbon Border Adjustment Mechanism

Learn More
06 Mar
upcoming event 06 March, 2024, 08:30 AM

What's Trending - Social Media in Malta

Learn More
12 Mar
upcoming event 12 March, 2024, 08:30 AM

Info Session on Sustainability Support

Learn More
20 Mar
upcoming event 20 March, 2024, 05:30 PM

Annual General Meeting 2024

Learn More