Banks Citadele and Luminor have announced joint financing for another shopping mall on the outskirts of the Latvian capital.
Dubbed the “Saga Lifestyle Shopping Centre”, it will be located next to the existing IKEA furniture store in Stopiņi municipality and construction will cost 34 million euros.
Citadele and Luminor have agreed on a syndicated loan to finance the construction, while the shopping centre project initiated by commercial real estate developer VPH, has total financing of 68 million euros. The project will cover a total of 56,000 m 2 , which will make it about half the size of the huge Akropole mall which opened a few kilometers away in 2019.
“The concept of the centre anticipates an exciting destination which unites shopping with leisure, sport and offices,” a publicity release said.