Linstow Center Management (LCM) and Multi Corporation have officially launched the 30,000 sqm expansion of the Alfa shopping centre in Riga. The project involves a total investment of €55 million and is due to be completed in August 2019. Swedbank Latvia is the financial partner of the project and providing a €40 million 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 percent retail space is already leased is evidence that all stakeholders believe in this project,” said Gawein Minks, Corporate Development Director Multi Corporation.
Chairman of the Board of Linstow Center Management, Frode Grønvold, said: “The main reason for the expansion is due to 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.”
CEO of Swedbank Latvia, Reinis Rubenis, added: “We are delighted to be part of a project that combines successful past experience, family entertainment, expertise, growth and ambitions. We wish the teams every success in the expansion of one of the most impressive projects in the retail world!’’
The expansion project will add 30,000 sqm to the Alfa shopping centre, taking the total area to more than 100,000 sqm 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 sqm, where visitors will be able to dine at newly-opened restaurants such as LIDO, Vairāk Saules, BabyBack Ribs & BBQ and Galleria d’Arte. At the same time, the shopping centre’s current popular restaurants, such as Gan Bei City, Čili 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.
The Alfa extension will include a major landscaping upgrade with the creation of a green park, where visitors will be able to relax and enjoy a high-quality environment. In the Alfa shopping centre, there will be added amenities such as baby changing and feeding facilities and family restrooms. Visitors who arrive by car will also benefit from convenient access to the shopping centre, and the addition of a new underground car park, as well as additional car parking facilities, which will increase the total parking capacity to 2,000 cars. The project also includes the addition of convenient bike parking facilities.