Akropolis Group diversified in the Baltics with Galio acquisition

Baltic shopping and entertainment centre developer and manager Akropolis Group has acquired 100% of Galio Group. 

Galio Akropolis

To facilitate this, Akropolis Group has secured a €110 mln credit agreement with Swedbank, which will cover just under half of the undisclosed transaction price, with the remainder coming from Akropolis Group's own funds.
Both Akropolis Group and Galio Group share the same ultimate beneficial owners, Nerijus Numa and Ignas Dilys, making this an acquisition between associated entities. The share purchase agreement has been signed, and the deal is expected to close soon.
Currently, Akropolis Group manages five shopping and entertainment centres across Lithuania and Latvia. Galio Group, with nearly two decades of experience, specializes in developing and managing both commercial and residential real estate projects in the Baltics, holding over €300 mln in assets.
Upon completion of the acquisition, Akropolis Group's real estate portfolio value will jump by approximately 30%, from €1.1 bn to €1.4 bn. The number of income-producing properties will surge from 5 to 60, and the portfolio will become more diversified, reducing the concentration of shopping centres from 96% to 73% of its total value.
Galio Group's management and governance structure will remain unchanged after the acquisition, and the company plans to continue its active real estate development, including current residential projects like reVINGIS and Mosso in Vilnius.