Linstow Center Management and Multi Corporation have officially launched the 30,000 m² expansion of the Alfa shopping centre in Riga. The project involves a total investment of €55m and is due to be completed in August 2019. Swedbank Latvia is the financial partner of the project and providing a €40m loan for the construction.
“We are proud to start construction of the extension of Alfa shopping centre, thanks to the effort and commitment of the Linstow Center Management team, the constructor Merks, financial partner Swedbank and the Multi team. The fact that more than 70% retail space is already leased is evidence that all stakeholders believe in this project,” said Gawein Minks, Corporate Development Director Multi Corporation.
Chairman of the Board of Linstow Center Management, Frode Grønvold, said: “The main reason for the expansion is due to the growing demand from tenants and customers. Following the completion of this project, not only will the Alfa shopping centre be the biggest shopping centre in Latvia, it will also carve out a new position in the Latvian market, offering the widest range of products and services, food & beverage, catering and entertainment options for the whole family. I am delighted that Linstow Center Management and Multi Corporation have joined forces to implement such a major project in Latvia.”
CEO of Swedbank Latvia, Reinis Rubenis, added: “We are delighted to be part of a project that combines successful past experience, family entertainment, expertise, growth and ambitions. We wish the teams every success in the expansion of one of the most impressive projects in the retail world!’’