Plaza Centers NV and New Century Holding, a US investment group, sold Riga Plaza for €93.4m to a global investment fund. The name of the buyer was not released, though Karlis Cerbulis, head of New Century Holding, calls the new owner “a respectable Western investment fund.” The deal is expected to close in July. Plaza Centers NV said in a statement that it wants to overhaul its portfolio to focus on income-generating properties in an effort to reduce its debt. Once the deal closes, the developer said it expects it will be able to repay €55 in bank loans.
The 90,000 sqm shopping mall opened in 2009 with only 60 percent occupancy. The center is now roughly 98 percent leased to tenants like Peek & Cloppenburg, H&M, Zara, Reserved, Mango, Mohito, Stradivarius, Monton and Douglas.
