Multi Corporation and Linstow Center Management (LCM) have launched the 30,000 m2 expansion of the Alfa shopping centre in the Latvian capital Riga.
The project involves a total investment of €55 mln and is due to be completed in August 2019. Swedbank Latvia is the financial partner of the project and providing a €40 mln 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 at Multi Corporation.
Frode Grønvold, chairman of Baltic shopping centre specialist Linstow Center Management, said the main reason for the expansion was 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.'
New brands and restaurant area
The expansion project will add 30,000 m2 to the Alfa shopping centre, taking the total area to more than 100,000 m2 and increasing the number of tenants from the current 170 to 250.
The expansion envisages a new three-storey extension, with a special restaurant area on the top floor spanning almost 6,500 m2, where visitors will be able to dine at newly-opened restaurants such as LIDO, Vairak Saules, BabyBack Ribs & BBQ and Galleria d’Arte.
At the same time, the shopping centre’s current popular restaurants, such as Gan Bei City, Cili Pica and Double Coffee, will all be reopened.
The first two floors of the new building will offer fashion stores such as Zara, Bershka, Pull&Bear, Reserved and Mohito, while the expansion will also offer new stores, including Zara Home, Massimo Dutti, Stradivarius, Oysho, House, Cropp, Sinsay and Moskito. The third floor will also delight younger visitors, who will be able to enjoy the use of a special 500-sqm entertainment zone for kids. On top of this, visitors who enjoy an active lifestyle will be able to take advantage of the 1,700-sqm My Fitness sports club. The new extension will be a great addition to Alfa shopping centre’s existing cinema experience, which is also planned for an integral upgrade.
Architects
Multi Corporation is the European retail platform of US private equity firm Blackstone. TTDesign, the in-house design group of Multi Corporation, is responsible for the concept of the extension and the design of the interior.
