Akropolis Group, the leading Baltic shopping and entertainment centres development and management company, has today closed the Galio Group acquisition transaction and has become the sole owner of the shares of this company.
"This is an important message for investors and business partners - this transaction ensures stable revenue growth and more development opportunities in the future. 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," says Gabriele Sapon, the CEO of Akropolis Group.
Real estate development company Galio Group has been in the business of development 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, the value of the real estate portfolio managed by Akropolis Group grew by approx. 30% - from EUR 1.1 billion to EUR 1.4 billion, and the number of income producing properties increased from 5 to 60. After this diversification of the company's real estate portfolio, the concentration of shopping centres in it decreased from 96% to 73% of the portfolio value.
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.
After this change in ownership, Galio Group will continue to actively develop real estate projects in the Baltic States, which also include the currently developed reVINGIS and Mosso residential projects in Vilnius.
For more information:
Paulius Pocius
Head of Marketing and Communications
AKROPOLIS GROUP, UAB
+370 699 99566
paulius.pocius@akropolis.lt
