Akropolis Group’s Successful Year in 2024
In 2024, Akropolis Group experienced a prosperous year, marked by robust business activities across its five shopping and entertainment centers located in Lithuania and Latvia. The venues attracted over 44 million visitors annually, with tenant turnover surpassing EUR 1.2 billion for the first time ever. The Group’s consolidated EBITDA reached EUR 87.8 million, reflecting a solid performance. Gabrielė Sapon, the CEO of Akropolis Group, emphasized their commitment to ensuring that Akropolis centers remain appealing to both visitors and tenants long-term. The previous year saw a significant focus on renovations and the introduction of new retail spaces while maintaining stable visitor numbers and a moderate growth in tenant turnover.
Increased Rental Income and High Occupancy Rates
Akropolis Group’s consolidated rental income for 2024 rose to EUR 91.4 million, marking a 9% increase from EUR 84 million in 2023. Additionally, the Group’s EBITDA climbed to EUR 87.8 million, up by 6% from EUR 83.1 million the previous year. Impressively, the shopping and entertainment centers maintained a high occupancy rate of 98.3%, showcasing the popularity and demand for their spaces.
Credit Ratings Reflect Financial Stability
In 2024, Akropolis Group received reaffirmed credit ratings of BB+ with a stable outlook from both S&P Global Ratings and Fitch Ratings. This recognition underscores the Group’s operational stability and prudent financial management.
Active Investment and Renovation Initiatives
Last year was characterized by significant investment and development endeavors for Akropolis Group. A major project concluded with the renovation of common areas at the Klaipėda Akropolis, which involved an investment of EUR 8 million to modernize over 11,000 square meters of space, including childcare facilities and upgraded sanitary amenities. Noteworthy developments also included renovations by tenants, such as the largest grocery store in Western Lithuania, Maxima, and the trampoline park Jumpland, alongside the introduction of a new entertainment concept by Action! from Apollo.
Expansion of Retail Spaces and New Brand Openings
The Vilnius Akropolis saw the addition of a new 480 square meter commercial building, which now houses an expanded Sportland store, the largest of its kind in Lithuania. Overall, the five Akropolis centers celebrated the opening of 135 new and revamped retail and entertainment venues throughout 2024, with international brands like JD Sports and Timberland making their debut, as well as established names such as McDonald’s and Bershka updating their offerings.
Enhancing Visitor Experience and Brand Partnerships
Sapon expressed enthusiasm over the Akropolis centers being a preferred choice for both emerging brands entering the Baltic market and well-loved brands expanding their presence. The Group is dedicated to bolstering its market leadership in Lithuania and Latvia, with a focus on improving visitor experiences while creating value for tenants.
Ongoing Renovation and Future Development Plans
Renovation efforts are currently underway at the second floor common areas of Vilnius Akropolis. Future development plans include the Akropolis Vingis multifaceted complex in Vilnius. The local municipality granted permission to construct this new building, and the project is awaiting final approvals for infrastructure enhancements. Once these permits are secured, the company will revise its construction budget and investment strategies accordingly.
Commitment to Sustainability
Akropolis Group maintained its commitment to sustainable practices throughout the past year. In January 2025, the recertification of Akropolis centers in Vilnius, Klaipėda, and Šiauliai was completed, achieving the international BREEAM In-Use certification at a Very Good level for all five centers. Sapon highlighted the significance of this achievement, reflecting the Group’s efforts to reduce environmental impact through energy efficiency, water management, and effective waste management.
Green Finance Framework Development
At the beginning of 2025, Akropolis Group established a Green Finance Framework, which garnered positive recognition. This framework strengthens the connection between the company’s sustainability goals and financial activities, enabling the financing of projects that meet specific sustainability criteria through various green financing options. The comprehensive consolidated financial report for Akropolis Group for 2024 is accessible on the company’s website.
