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VILNIUS - Akropolis Group, the Baltic region’s leading shopping and entertainment center operator, announced Monday it has signed a €110 million credit agreement with Swedbank to partially finance its acquisition of real estate developer Galio Group.
The company signed a share purchase agreement with Galio Group’s current shareholders, with the transaction expected to close in the near future. The credit facility will cover slightly less than half of the undisclosed purchase price, which was set based on market value.
Both Akropolis Group and Galio Group are associated entities with the same ultimate beneficial owners, Nerijus Numa and Ignas Dilys.
The acquisition will increase Akropolis Group’s managed real estate portfolio by approximately 30%, from €1.1 billion to €1.4 billion, while expanding its income-producing properties from 5 to 60. The transaction will also diversify the company’s holdings, reducing shopping center concentration from 96% to 73% of portfolio value.
"This step will allow Akropolis Group to significantly increase and diversify its portfolio of real estate under management and enhance its competences of real estate project management and development," said Gabrielė Sapon, CEO of Akropolis Group, in a press release statement.
Akropolis Group currently manages five shopping centers across Lithuania and Latvia, while Galio Group has developed commercial and residential properties in the Baltic region for nearly 20 years, with managed assets exceeding €300 million.
According to the announcement, no changes are planned for Galio Group’s governance structure or management following the acquisition. Galio Group will continue its current development projects, including the reVINGIS and Mosso residential projects in Vilnius.
In 2024, Galio Group reported consolidated income of €31 million and EBITDA of €17 million, while Akropolis Group posted consolidated income of €125 million and EBITDA of €88 million.
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