Hili Properties plc has completed the €20 million acquisition of a shopping centre in Latvia's capital Riga. 

The 7,863-square metre complex on Stirnu Street sits on a 21,580 square metre plot in one of the city’s most densely populated residential areas and has been operating for 15 years. 

The purchase is Hili Properties’ seventh property in Riga and increases the company’s portfolio value to €155 million. Its portfolio now comprises seven grocery-anchored shopping centres across Riga; a private hospital in Bucharest, Romania; 12 properties housing restaurants in key commercial districts in Estonia, Latvia, Lithuania, Malta and Romania; three dedicated business blocks and office space in Sliema, Marsa and Floriana in Malta, and a major industrial plant in Lithuania. 

Hili Properties is the strategic real estate investment subsidiary of the Melo Hili-led Hili Ventures.

Photo: Hili Properties

Its latest purchase in Riga features Swedish-owned supermarket giant Rimi as its anchor tenant. Other major tenants include Dino Zoo, a market-leading pet supplies retailer; Pepco, a continental discount chain popular for childrenswear and household goods; and cosmetics chain Drogas which enjoys a presence on high streets across the Baltic states. The shopping centre also boasts more than 250 parking spaces for customers.

Hili Properties managing d irector George Kakouras, described the property as a low-risk, long-term investment that came with long-term leases, a renowned anchor tenant and stable cash flow. 

“The property is a landmark in the city, and it is with great pride that we take over its management. We are looking forward to working with the tenants and building a relationship with every one of them, the visitors to the shopping centre, and the local community. There is so much potential to fulfil,” he said.