Akropolis commits to invest in making portfolio BREEAM certified.
Akropolis, the leading owner, developer and operator of retail and entertainment centres in the Baltic region, has raised €300m with the first Eurobond issued by a Baltic real-estate company.
This summer has seen the historic launch of real estate investment trusts in China but investors are still proving keen to invest in green funds for real estate around the world. That was the background that saw Akropolis achieve its financing ambitions within a few days of issuing it on the Euronext Dublin and NASDAQ Vilnius stock exchanges.
The significant funding will support Akropolis with its commitment to achieving BREEAM certification for its operating assets and to implementing a sustainability and climate change strategy.
A key investor in the bond has been the European Bank of Reconstruction and Development (EBRD), which has subscribed €20m. As part of its investment, the EBRD will help Akropolis develop a training academy to help over 900 retail tenants train older people and people with disabilities with the skills needed to take jobs with their companies.
Vlaho Kojakovic, EBRD director, property and tourism, said: “Supporting this goal is especially important in the context of the Covid-19 environment, as the pandemic has disrupted retail property markets worldwide. Thus, supporting a leading owner and operator of retail and entertainment centres in the Baltic states with its first Eurobond issuance is essential to supporting the sector’s resilience and facilitating further capital-market development.”
Akropolis Group has a strong track record of developing and managing retail-led mixed-use projects in the Baltic states. Its portfolio presently provides retailers with access to around two million consumers in four cities, attracting more than 41 million visitors per year.
