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VILNIUS - Akropolis Group, a Baltic shopping and entertainment centers operator, has completed its acquisition of real estate developer Galio Group, the company announced in a press release Thursday.
The transaction increases the value of Akropolis Group’s managed real estate portfolio by approximately 30%, from €1.1 billion to €1.4 billion, while expanding its number of income-producing properties from 5 to 60.
"This transaction ensures stable revenue growth and more development opportunities in the future," said Gabrielė Sapon, CEO of Akropolis Group. "This acquisition of one of the leading real estate managers and developers in the country has enabled us to increase the value of the real estate portfolio under our management by about 30%, also to diversify this portfolio across different asset classes and to strengthen our real estate development competences."
The acquisition marks a significant shift in Akropolis Group’s portfolio composition, reducing the concentration of shopping centers from 96% to 73% of total portfolio value.
Prior to the acquisition, Akropolis Group managed five shopping and entertainment centers - three in Lithuania (Vilnius, Klaipėda, and Šiauliai) and two in Latvia (Akropole Riga and Akropole Alfa in Riga).
Galio Group, which has operated in the Baltic region for nearly 20 years developing commercial and residential real estate projects, manages assets exceeding €300 million. According to the statement, the company will continue to develop real estate projects in the Baltic States, including the ongoing reVINGIS and Mosso residential projects in Vilnius.
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