Akropolis, the largest shopping center developer in Lithuania, has sold Akropolis Shopping Centre in Kaunus to a German Westinvest InterSelect fund represented by Deka Immobilien Gmbh. Akropolis Shopping Centre is situated in the city center of Kaunus, the second largest city of the country, and is one of the newest and largest shopping centers in Lithuania, comprising 60,000 m².
The shopping center has been developed in the heart of the city center, adjacent to the river and the city's main arterial route, thereby benefitting from excellent accessibility. The design of Akropolis integrates a brand new center of exceptional quality with the historic buildings of the Old Town, making this a visual treat and giving the flavor of a downtown center. The shopping center has performed very well since opening in 2007 (approximately more than 35,000 visitors per day in 2007) and has brought about a significant change in the retail property market of the central part of the country, bringing with it an imposing number (ca. 263) of international and well known local retailers (Mango, Zara, Esprit, S Olivier, Mexx, Vero Moda, Tally Weijl, Orsay, New Yorker, Hyper Maxima, etc.).
Mr. Andrius Stonkus, Re&Solution partner, said: "We are glad to represent the leading shopping center development group in the Baltic region, which both present and planned projects are recognized as number 1 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 a clear proof, that Baltic property markets are now offering possibilities to acquire the best assets, matching requirements of major global institutional investors."
The shopping center has been sold through a share deal. It is the second investment by Deka Immobilien in Lithuania. In 2007 the fund, advised by Re&Solution, has acquired shopping center BIG in the capital of Lithuania Vilnius.