Citadele Bank (Latvia)

Citadele Issues 38 Million Euro Funding to Akropolis Group company Aido Turtas

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Citadele has issued financing totalling 38 million Euro to Akropolis Group company Aido turtas, which manages the Akropolis shopping centre in Šiauliai, to help develop the business and refinance existing financial obligations.

"Both Šiauliai Akropolis and Akropolis shopping centres in other cities have become favourites among the Latvian and Lithuanian public. By uniting the best shopping and service experience, Akropolis creates higher value and investment into the Baltic economy. Citadele’s aim is to provide necessary support to local businesses by offering an individual and professional approach. We are proud to be the financial partner of the Akropolis Group and give them the support they need on the path to development,” emphasises Vaidas Žagūnis, Citadele Board Member and Head of Corporate Management in the Baltics. 

“We are happy to start cooperation with Citadele bank and we value the mutual trust. The agreement reached on financing of Aido Turtas confirms that we are successfully advancing on the path of leadership and sustainability in the shopping centre market," says Vitalij Bedugnis, CEO of Akropolis Group.

Citadele continues to finance business development in the Baltics. For example, in Lithuania recently issued 2.5 million Euro in financing to develop the businesses managed by investment company INVL Technologies, a loan of 30 million Euro to VMG Group, and 4.5 million Euro to logistics operator Baltic transline, in Latvia increased its financing of international ice cream and dairy product manufacturer Food Union by 6.8 million Euro.

The leading shopping and entertainment centre development and management company in the Baltic countries - JSC Akropolis Group is engaged in shopping and entrainment centers’, office buildings’ development, management and lease activities in Lithuania and Latvia. The group has built and developed five shopping and entertainment centers in Lithuania & Latvia. Akropolis Group manages shopping & entertainment centers Akropolis in Vilnius, Klaipeda and Siauliai, as well as Akropole in Riga.

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