Merks to rebuild Alfa

Swedbank Latvia is the financial partner of the project and providing a EUR 40 mln loan for the construction, which should be completed in August 2019.

“We are proud to be starting construction on the extension of Alfa shopping centre, thanks to the efforts and commitment of the Linstow Center Management team, the constructor Merks, financial partner Swedbank and the Multi team. The fact that more than 70 pct of the retail space is already leased is evidence that all stakeholders believe in this project,” said Gawein Minks, the corporate development director at Multi Corporation.

“The main reason for the expansion is due to the growing demand from tenants and customers. Following the completion of this project, not only will the Alfa shopping centre be the biggest shopping centre in Latvia, it will also carve out a new position in the Latvian market, offering the widest range of products and services, food & beverage, catering and entertainment options for the whole family. I am delighted that Linstow Center Management and Multi Corporation have joined forces to implement such a major project in Latvia,” said chairman of the board of Linstow Center Management, Frode Grønvold.

The expansion project will add 30,000 sqm to the Alfa shopping centre, taking the total area to more than 100,000 sqm and increasing the number of tenants from the current 170 to 250. "This project will make Alfa the largest shopping centre in Latvia," according to the owner. A new three-storey extension is to be built with a special restaurant area on the top floor spanning almost 6,500 sqm, where visitors will be able to dine at newly-opened restaurants such as Lido, Vairāk Saules, BabyBack Ribs & BBQ and Galleria d’Arte. At the same time, the shopping centre’s current popular restaurants, such as Gan Bei City, Čili Pica and Double Coffee, will all be reopened. The first two floors of the new building will offer fashion stores such as Zara, Bershka, Pull&Bear, Reserved and Mohito, while the expansion will also offer new stores, including Zara Home, Massimo Dutti, Stradivarius, Oysho, House, Cropp, Sinsay and Moskito. The third floor will host a 500-sqm entertainment zone for kids. In the mall, there will be also the 1,700 sqm My Fitness sports club. The Alfa’s existing cinema is also planned for an integral upgrade.

The Alfa extension will include the creation of a green park, where visitors will be able to relax. In the Alfa shopping centre, there will be added amenities such as baby changing and feeding rooms and family restrooms. There will be also a new underground car park, as well as additional car parking facilities, which will increase the total parking capacity to 2,000 vehicles.

TTDesign, the in-house design group of Multi Corporation, is responsible for the concept of the extension and the design of the interior, while Sarma & Norde Arhitekti is responsible for the final design. Technical supervision of the extension and renovation will be carried out by Forma 2, while Merks is responsible the general contractor. "Our long-term experience, which also includes the construction of shopping centres, gives us confidence that everyone is going to benefit from the project,” said Oskars Ozoliņš, the chairman of the board of Merks.

Multi’s position in the Alfa project is that Multi manages the assets Alfa, Dole and Mols in Riga for its shareholder – Blackstone. “Linstow is contracted for the day-to-day property management. The extension of Alfa is headed by Multi Corporation. Linstow is contracted as the team ‘on the ground’. They are responsible for the tenant coordination, the permits etc.,” told us representative of Multi. Blackstone has owned Alfa since 2015, according to Multi.

Linstow Center Management has been operating in Latvia for 20 years. LCM currently manages shopping centres with total floor space of over 230,000 sqm in the country and a total of 329,000 sqm in all the Baltic countries.