KS Holding acquires Atrium Azur Shopping Centre in Riga

KS Holding has acquired SIA MD Galerija Azur, the holding entity for the Riga Shopping Centre Atrium Azur, from Atrium European Real Estate Limited for €12.5 million. The new owner is planning to invest additional €16 million into redeveloping the shopping centre the holding reported in a press release.
© Shutterstock nuotr.

KS Holding is jointly owned by the Lithuanian Rakauskas family and the private equity firm Zabolis Partners, known for their extensive investment holdings in Lithuania.

The 20.400 square meter shopping centre Atrium Azur was opened ten years ago in August 2006. Its largest tenant is the hyper market operator Rimi, part of ICA Group. KS Holding will invest near €16 million in redeveloping the asset. Kesko Senukai will become a new anchor tenant in the remodelled centre.

“We are excited about this investment in Latvian market. I look forward to taking on responsibility for the shopping centre Azur. The shopping centre is well known among the customers in and around Riga and conveniently located near the southern bypass. Adapting its current concept will take a lot of effort but we believe it’s worth it. We are adding a new retail destination to the shopping map of Riga”, says Saulius Merkys, CEO of KS Holding.

Looking for more investment opportunities in Riga and Tallinn

KS Holding is actively looking for additional investment opportunities in Riga and Tallinn. “We are discussions with sellers of downtown land plots in Baltic capital cities of at least three hectares and excellent traffic flow access. We are prepared to take on or build additional 3-4 shopping centres similar to the new Azur”, says Saulius Merkys.

KS Holding will also engage in real estate development in Belarus.

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments


Baltic PMs agree on another 2 weeks for LNG market deal

The prime ministers of the three Baltic states agreed on Friday on additional two weeks for the final agreement on the liquefied natural gas (LNG) market, adviser to Lithuania's Prime Minister Saulius Skvernelis said.

Seimas speaker expects Latvian support to Baltic gas deal

Lithuania's Parliamentary Speaker Viktoras Pranckietis met with his Latvian counterpart on the eve of Baltic prime ministers, expressing hope that the neighboring state would support the agreement on liquefied natural gas, which would pave way for applying for European Union (EU) support for gas infrastructure projects of all three states.

PM hopes to reach full stop in Baltic gas talks

Lithuania's Prime Minister Saulius Skvernelis hopes to reach full stop in the Friday's negotiations among the Baltic prime ministers in an effort to ensure European support to the Klaipėda liquefied natural gas (LNG) terminal. In his words, if the discussions end in failure, Lithuania will seek to end the discussions and move on.

Seimas speaker meeting with Latvian colleague in Jūrmala

Lithuania's Parliamentary Speaker Viktoras Pranckietis is meeting with his Latvian counterpart, Inara Murniece, in the Latvian seaside resort of Jūrmala on Thursday to discuss the positions on the Astravyets nuclear power plant (NPP) under construction in Belarus.

Vilnius, Tallinn, Riga to show Baltic movies for free

The Baltic Film Days will be held in Vilnius for the first time at the end of August – it is a unique event featuring Lithuanian, Latvian and Estonian productions on the same week in Riga, Tallinn and Vilnius, the Lithuanian Film Center said.