shopping and entertainment centre Riga Plaza redevelopment

From 2008 to 2020 we provided property management, project management and leasing services for the fashion and entertainment centre Riga Plaza, initially on behalf of Plaza Centers and later for Lone Star Funds.

The most significant redevelopment program which shaped Riga Plaza into the centre visitors know today was delivered between 2015 and 2020 for Lone Star Funds, impacting approximately 30,000 sqm of GLA (out of a total 50,000 sqm).

Key elements of the program included:

1. Ex-Prisma area redevelopment
   Conversion of a 10,000 sqm hypermarket and adjacent common areas into 30+ retail units, anchored by MAXIMA XXX, resulting in increased GLA and NOI.
2. Entertainment zone transformation
   Upgrade of the food court into FOODPLAZA and redevelopment of the Multikino and Fantasy Park areas into a modern multifunctional leisure hub including APOLLO, O’Learys and several restaurants (KFC, MySushi, etc.), complemented by children’s stores and services.
   This created the largest entertainment zone in the city - approx. 13,000 sqm.
3. Fashion anchor reconfiguration and re-leasing
   Including extensions and upgrades for P&C and LPP Group brands, strengthening the centre’s retail mix.
4. Additional development potential secured
   A building permit was obtained allowing for an additional 3,000 sqm of GLA by redeveloping part of the parking deck enabling the future expansion of the entertainment zone with an activity and sports park.

The property was successfully sold to Summus Capital in 2020.