AKROPOLIS GROUP UAB
In the first half of 2025, Akropolis Group, a prominent developer and manager of shopping and entertainment centers, reported a consistent visitor turnout across its five locations in Lithuania and Latvia, totaling 21 million guests. The turnover for tenants reached an impressive EUR 558.9 million, marking a 1.8% increase compared to the same timeframe last year. “The first six months of this year have been exceptionally dynamic and fruitful for our team. From extensive renovations and enhancements in our shopping centers to securing construction permits for future projects, we’ve seen a robust presence in capital markets. I am grateful for the trust our visitors place in our centers and the growing collaboration with our tenants, which has yielded positive results. This reinforces our belief that we are on the correct path, and we aim to keep this momentum going,” stated Gabrielė Sapon, CEO of Akropolis Group.
Strong Financial Performance
Akropolis Group reported consolidated rental income of EUR 46.3 million in the first half of 2025, reflecting a 5.4% increase from the same period in 2024. The vacancy rate for rental spaces remained impressively low at 1.3%, a slight improvement from 1.9% during the previous year. The company’s total revenue reached EUR 63.3 million, representing a 4.4% growth year-on-year, while earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at EUR 44.3 million, an increase of 3.4% compared to the prior year.
Expansion and Renovation Initiatives
During the first half of the year, Akropolis Group launched or renovated over 70 retail spaces within its shopping centers. “This year, we have surpassed last year’s figures for new and revamped shops, with over 70 openings compared to 66 last year. This trend demonstrates the confidence our tenants have in the shopping centers we operate. Each new or updated store, particularly unique offerings in the city, enhances the attraction for our visitors. We continuously strive to ensure Akropolis centers showcase the latest trends in fashion, technology, and entertainment,” noted G. Sapon.
New brands such as New Yorker made their debut in Vilnius Akropolis, accompanied by the reopening of the renovated Maxima XXXX store. Other brands like Mango, Pegasas, and Xiaomi also underwent revamps. In Klaipėda Akropolis, stores like Skechers, Adidas, and Douglas were updated, while the Šiauliai Akropolis welcomed a new Sinsay shop and a café called Caffeine, alongside renovated outlets such as L’Occitane and Pandora.
New Offerings and Future Developments
Akropole in Latvia saw similar developments, with new Sinsay and Lindex stores opening in Akropole Riga, while renovations occurred at Maxima and Sportland. Akropole Alfa also refurbished stores like Mango and Douglas. The second half of the year promises more activity, with new restaurants such as 9 drakonai and KFC launching in Vilnius Akropolis, alongside the family amusement park MaryMaris. August will see the opening of a revamped Zara Home, the largest of its kind in the Baltic region. Akropole Alfa in Riga will introduce a new concept Sportland store, the largest in Latvia, while new sports clubs Lemon GYM are set to open in Vilnius and Šiauliai Akropolis. Additionally, a new electronics store, Elesen, is slated to open in Vilnius Akropolis this year.
Investments and Sustainability Efforts
In the first half of the year, Akropolis Group successfully issued a EUR 350 million green bond with a 5-year term and a 6% annual interest rate. The proceeds are intended for refinancing a previous EUR 300 million bond issue and funding projects aligned with sustainability standards, including green building initiatives. The bonds are listed on the Euronext Dublin and Nasdaq Vilnius exchanges, and the offering attracted over 90 investors.
In July, Akropolis Group completed a EUR 800,000 renovation of common areas on the second floor of Vilnius Akropolis, enhancing over 1,500 m² of space to create a more inviting and comfortable environment for shoppers. Furthermore, in May, the company secured the final construction permit for the Akropolis Vingis project, which will improve transport infrastructure in Vilkpėdė, a district of Vilnius. A permit was also granted for a new 3,500 m² building at Klaipėda Akropolis, with construction expected to commence this year.
Earlier this year, the shopping centers managed by Akropolis Group in Vilnius, Klaipėda, and Šiauliai received a “Very Good” rating based on the BREEAM In-Use sustainability standard. The same assessment was awarded to the centers in Riga, indicating that all five Akropolis and Akropole locations now comply with high sustainability benchmarks. “Our aim was to have all our managed shopping centers achieve the ‘Very Good’ BREEAM certification by 2026, and we are thrilled to have achieved this milestone a year ahead of schedule,” remarked G. Sapon.
In July, Fitch Ratings reaffirmed a BB+ long-term credit rating with a stable outlook for the fifth consecutive year. Additionally, the first sustainability report from Sustainable Fitch awarded Akropolis Group a score of 2 on a scale of 1 to 5, with 1 being the highest rating, reflecting exceptional adherence to ESG standards.
