Hili Properties acquires shopping centre in Latvia

Hili Properties, the Malteseowned real estate investment group, has finalised the acquisition of the Dole shopping centre in the suburbs of Latvia’s capital Riga.

The three-storey property boasts 8,000 square metres of gross leasable area and is occupied by more than 60 tenants. Currently 95 per cent leased, the shopping centre’s tenants include supermarket chain Rimi, Olimpic Casino, quick service restaurant brand Hesburger, and beauty and household essentials chain Drogas.

Dole is situated in the Kengarags neighbourhood, one of Riga’s southern suburbs with an extensive catchment area. Located in a densely populated residential district, the shopping centre is well-positioned to offer a comprehensive range of everyday goods and services.

This is the latest addition to Hili Properties’ international commercial real estate portfolio, which includes real estate around the Baltics, Romania and Malta. Hili Properties portfolio is now valued at €125 million. The company’s last major acquisition in the Baltics took place in 2015 when it had acquired nine retail complexes in and around Riga.

Hili Properties is part of Hili Ventures, the diverse group of companies headquartered in Malta. Hili Properties’ portfolio includes dedicated business blocks, office space in key commercial districts, and property housing quick service restaurants.

“The acquisition of this property fits our plan to grow our portfolio in rapidly developing cities in the Baltics and across Europe, and is particularly strategic in nature,” Hili Properties Managing Director Sandra Murniece explains. “The property exhibits significant potential and we have an investment plan in place to enhance the quality of this asset and, in turn, attract new tenants. Our priority is, of course, to maintain excellent relations with the existing tenants and we have agreed that the current management company, Linstow Centre Management, will continue to co-operate with the shopping centre’s retail community.”