Akropolis Group, the leading Baltic shopping and entertainment centres development and management company, has today signed a credit agreement with Swedbank for EUR 110 million credit. The credit facility along with own funds of the Company, will be used to acquire 100% of shares in Galio Group. The credit will account for slightly less than half of the transaction price. The share purchase price has been set based on the market value. The parties have agreed not to make it public.
The share purchase agreement has been signed between Akropolis Group and the current shareholders of Galio Group today, transaction is expected to close in the nearest future. Akropolis Group and Galio Group are associated entities with the same ultimate beneficial owners - Nerijus Numa and Ignas Dilys.
"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," says Gabriele Sapon, the CEO of Akropolis Group. At the same time, a business branch consolidating core real estate businesses will be born within the "Vilniaus prekyba" group of companies.
Akropolis Group manages five shopping and entertainment centres: three in Lithuania - Akropolis in Vilnius, Klaipeda and Šiauliai, and two in Latvia - Akropole Riga and Akropole Alfa in Riga.
Real estate development company Galio Group has been in the business of development and management of commercial and residential real estate projects in the Baltic region for almost 20?years, the value of the assets managed by the company exceeds EUR 300 million.
After the transaction is closed, the value of the real estate portfolio managed by Akropolis Group will increase by approx. 30% - from EUR 1.1 billion to EUR 1.4 billion, and the number of income producing properties will increase from 5 to 60. At the same time, the company's real estate portfolio will become more diverse - the concentration of shopping centres in it will decrease from 96% to 73% of the portfolio value.
No changes are planned in the governance structure and in the management of Galio Group after the share purchase transaction is closed. According to its plans, the company will continue to actively develop real estate projects, which also include the currently developed reVINGIS and Mosso residential projects in Vilnius.
The consolidated income of Galio Group amounted to EUR 31 million in 2024, its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) were EUR 17 million. The consolidated income of Akropolis Group amounted to EUR 125 million in 2024, its EBITDA was EUR 88 million.
For more information:
Paulius Pocius
Head of Marketing and Communications
AKROPOLIS GROUP, UAB
+370 699 99566
paulius.pocius@akropolis.lt
