Estmak Capital will built a giant shopping centre in Riga
In cooperation with the Latvian developer company VPH Latvia, the Estonian real estate development enterprise Estmak Capital has started the construction of a multifunctional retail and entertainment centre Saga, which will be located next to the IKEA store in Riga. The amount to be invested in the project is approximately 70 million euros.
“We are glad to be collaborating with such a highly reputable partner as VPH, which has extensive experience in the development of shopping centres both in Europe and Northern America. I am convinced that the synergy between our companies will yield impressive results, and Riga will be able to boast a retail and entertainment centre which is unique on a number of levels,” said Timofey Sukonkin, the founder of Estmak Capital.
“We would like to create a family-oriented shopping and leisure concept by attracting partners and tenants who have secured an important position in their niche. Among the tenants, there will be brands already well-known in Estonia but new for Latvia,” Juris Barkans, the head of VPH Latvia, added.
As Mr. Sukonkin notes, the mission of Estmak Capital lies in the development of real estate projects designed in harmony with the environment, use of energy-efficient technologies and environmental integrity. “Saga shopping mall is being built in compliance with the highest standards in the sphere of construction, so, in a year, there will be a family-oriented retail and entertainment centre that we are going to make as environmentally friendly as it can possibly get,” Mr. Sukonkin elaborated. The concept of Saga retail and entertainment centre is based on the principles of “green mentality”, which will also allow visitors to make balanced decisions that will serve the environment well.
The total area of the new shopping centre will amount to 57,000 square metres. The building permit has already been obtained, and, in accordance with the plans in place, the building is due for completion next autumn. The landscaped green zone around the mall will be covering an area of approximately 30,000 square metres, and the parking lot will be able to accommodate 2000 vehicles. The location of the shopping centre is ten kilometres from the centre of Riga and twenty kilometres from Riga airport.