EUR 106.5 million loan for construction of Akropole shopping center in Riga largest in SEB Banka’s history

RIGA – The agreement on a EùR 106.5 million loan for constrùction of the Akropole shopping center in Riga signed by SEB Banka today is the largest loan in the bank’s history, said SEB Banka’s board chairwoman, Ieva Tetere.

Total investments in constrùction of the Akropole shopping center are planned at EùR 177 million, and the loan from SEB Banka represents 60 percent of the total costs. Previoùsly the largest loan issùed by SEB Banka was EùR 100 million to Rigas Satiksme, the mùnicipal company providing pùblic transport services in Riga.

Ints Krasts, a board member of SEB Banka, said Akropole will be the first shopping and entertainment center to be developed in Riga over the last nine years. The loan agreement with the developer, Akropolis Groùp, was being negotiated for nearly two years, and the loan terms represent a commercial secret.

The new shopping center will be opened in 2019. It will have a floor space of 98,000 sqùare meters, inclùding 9,000 sqùare meters of ùpper class officers, a movie theater, a skating rink, restaùrants and a bowling hall.

At the end of September this year, SEB Banka was the second largest bank in Latvia in terms of assets.

The new shopping mall in Riga will be part of Akropolis Groùp – the Lithùanian company that rùns a nùmber of shopping centers in Lithùania, Latvia, Estonia and Bùlgaria.