Germans buy Kaunas Akropolis

  • 2008-08-13
  • By Adam Mullett
VILNIUS - The 60,000 square meter Akropolis shopping mall in Kaunas has been bought by German Westinvest InterSelect fund, represented by Deka Immobilien Limited in a share deal.

Re&Solution represents Akropolis in the Baltics. Andrius Stonkus, a partner of Re&Solution, sees this purchase as a sign of merit and things to come. "We are glad to represent the leading shopping center development group in the Baltic region, [in] which both present and planned projects are recognized as number one in the expansion plans of major existing and new international retailers, ensuring the possibility to establish the best retail locations compared to any other retail scheme in the country. This transaction is clear proof that Baltic property markets are now offering possibilities to acquire the best assets, matching requirements of major global institutional investors," he said.

Akropolis is the second investment by Deka Immobilien Limited in Lithuania. In 2007 the fund, advised by Re&Solution, acquired the BIG shopping center in Vilnius.
Re&Solution's Baltic marketing manager in Latvia, Ramils Kadirovs, agrees with Stonkus and said this purchase rivals the big real estate purchases all over the world. "The deal was among the most important of the Baltics in the last few years. This matches the global levels of investment," he said.

Investors from abroad are beginning to see the Baltic market as more attractive and are willing to make larger investments. Kadirovs thinks there is the possibility to produce excellent investments in the region.
Kadirovs said the planning of the center was instrumental in the sale because it is in a large catchment area and has around 35,000 clients every day. It is on the Via Baltica road connecting Tallinn and Riga to Europe via Kaunas. "There are over 300,000 people in Kaunas and about 800,000 people in the surrounding area. It also attracts patrons from other countries like Latvia," Kadirovs said. "That's why this is an attractive investment," he added.

The shopping center has been developed in the heart of the city, adjacent to the river and the city's main arterial route, thereby benefiting from excellent accessibility. Akropolis was designed to incorporate with the historic buildings of the Kaunas Old Town.
The center has performed well since opening in 2007 and has brought about a significant change in the retail property market of the central part of the country. Over 260 international and well known local retailers including Mango, Zara, Esprit, Olivier, Mexx, Vero Moda, Tally Weijl, Orsay, New Yorker, Hyper Maxima and more make up the center.

Akropolis is a member of Vilniaus Prekyba group, a diversified multinational conglomerate, one of the major business groups across the region. The group unites the retail chain across the Baltics and Bulgaria. Vilniaus Prekyba group also owns Maxima and the pharmacy network EuroApoteca.
Re&Solution is a regional provider of real estate, financial and investment management services in Lithuania, Latvia, Estonia and Ukraine. The company is recognized as one of the most unique and professional advisory sources throughout the Baltic region, with strong local coverage and the backing of international property consultants.