What Akropolis does

Akropolis Group, UAB is the leading shopping and entertainment center development and management company in the Baltic states, operating five premium retail destinations across Lithuania (Vilnius, Klaipėda, Šiauliai, Kaunas) and Latvia (Riga — including AKROPOLE Alfa), with a combined gross leasable area of approximately 336,000 square meters. Founded around the first Akropolis Vilnius center in 2002 and formally incorporated as a holding company in 2010, Akropolis serves two interlocking customer segments: international and local retail tenants (fashion, electronics, sports, home goods, pharmacy, fitness, cinema operators including Zara, H&M, Maxima, Forum Cinemas, JD Sports, and GYM+) and end consumers visiting the centers, with 44.4 million visitor footfalls recorded in 2025.

The company's core product is its real estate portfolio — large-format, BREEAM-certified shopping and entertainment centers with significant anchor tenants — alongside a development pipeline anchored by the Akropolis Vingis multifunctional quarter in Vilnius (~220,000 sq.m. GBA, including retail, offices, residential and a 2,500-seat concert hall). Following the September 2025 acquisition of Galio Group, the income-generating asset base expanded from 5 to 60 units and portfolio value reached approximately €1.4 billion. The corporate structure includes operating subsidiaries per center (Ozo turtas for Vilnius, Taikos turtas for Klaipėda, Aido turtas for Šiauliai, M257 for Riga, Delta property for Alfa) plus a Netherlands holding entity (Akropolis Real Estate B.V.). Akropolis is a wholly-owned subsidiary of Vilniaus prekyba (now under Metodika B.V. following 2025 group restructuring), with beneficial ownership concentrated in Nerijus Num and Ignas Dil.

Revenue is generated primarily through rental income on retail and office space (€102.8M consolidated in 2025, +13% YoY), supplemented by shopping center management fees and one-time real estate development income. Pricing follows a subscription-style recurring model based on square meters leased under typically long-term annual agreements. Akropolis finances its operations and growth through a combination of listed green bonds (€350M issued May 2025 at 6.000% coupon, oversubscribed 3.1x on Euronext Dublin and Nasdaq Vilnius), bank facilities (including a €110M Swedbank facility for the Galio acquisition), and operating cash flow. EBITDA reached €98.3M in 2025 (+12% YoY) on a 98.8% occupancy rate, and the group holds BB+ credit ratings from both S&P Global Ratings and Fitch.

Name

Akropolis

Legal name

AKROPOLIS GROUP, UAB

Website

https://akropolis.eu

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Akropolis Group is the leading Baltic shopping and entertainment center developer and operator, managing five premium retail destinations across Lithuania and Latvia (336,000 sq.m. of retail and office space) and serving international and local retail tenants plus 44 million annual consumer visitors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate / Shopping Center Management

NAICS

Real Estate Property Managers (53131), Corporate, Subsidiary, and Regional Managing Offices (551114), Offices of Other Holding Companies (551112)

SIC

Operators Of Nonresidential Buildings (6512), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

akta.pro secondary industry

Specialty & Entertainment Venue Property Management (BPAJAGAO)

Keywords

• Shopping center management
• Commercial real estate leasing
• Retail property development
• Entertainment center operations
• Office space rental

Headquarters

HQ city

Vilnius

HQ country

Lithuania

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail and office space rental: Primary revenue stream from leasing retail and office spaces in shopping and entertainment centers across Lithuania and Latvia. Rental income from hundreds of tenants across 5 managed shopping centers.
2. Shopping center management services: Management fees from operating shopping and entertainment centers, including property management, tenant relations, and common area maintenance.
3. Real estate development: Development of new shopping centers and mixed-use complexes, including Akropolis Vingis project in Vilnius and expansion of existing properties.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Akropolis Group develops, owns, and manages shopping and entertainment centers across Lithuania and Latvia, leasing retail and office space to national and international retail tenants. The company also runs real estate development projects (including the Akropolis Vingis multifunctional quarter in Vilnius) and operates property management services across a portfolio of 336,000 sq.m. of GLA attracting 44.4 million annual visitors.

Product overview

Akropolis Group operates a portfolio of 5 shopping and entertainment centers across Lithuania and Latvia (AKROPOLIS Vilnius, Klaipėda, Šiauliai, Kaunas, and AKROPOLE Riga, AKROPOLE Alfa in Latvia), with an additional multifunctional development project (AKROPOLIS Vingis) under development. The company also offers green bond financing instruments. Properties range from 36,100 to 110,650 sq.m. of retail space, collectively attracting over 44 million annual visitors. In 2025, the company expanded its real estate portfolio by acquiring Galio Group, which manages commercial and residential properties across the Baltic region.

Differentiator

Problem solved

Functional benefit

Brands

• Akropolis Vingis: Multifunctional cultural, leisure, business, and shopping quarter being developed in Vilnius, Lithuania on the site of the former Velga factory in Vilkpėdė district. Total area ~220,000 sq.m. GBA (excluding parking), including ~110,000 sq.m. retail/entertainment and ~110,000 sq.m. offices and apartments.
• Jamam

Products and services

• AKROPOLIS Vilnius The largest shopping and entertainment center in the Baltic countries, located in Vilnius, Lithuania, featuring approximately 213 shops, 3,000 parking spaces, an 8-screen cinema, ice arena, 14-lane bowling alley, and the largest bookstore in the Baltics. Targeted at retail tenants and consumer visitors.
• AKROPOLIS Klaipėda The largest multifunctional shopping and entertainment center in western Lithuania, featuring approximately 208 shops, 2,200 parking spaces, a 6-screen cinema, ice arena, 24-lane bowling, and a sports club. Targeted at retail tenants and consumer visitors.
• AKROPOLIS Šiauliai The largest multifunctional shopping and entertainment center in northern Lithuania, featuring approximately 160 shops, 1,200 parking spaces, a 5-screen cinema, ice arena, and 16-lane bowling. Targeted at retail tenants and consumer visitors.
• AKROPOLIS Kaunas One of the largest multifunctional shopping centers in central Lithuania, managed by Newsec Asset & Property Management, featuring approximately 280 shops and 2,400 parking spaces. Targeted at retail tenants and consumer visitors.
• AKROPOLE Riga The most modern shopping center and office building in Riga, Latvia, featuring approximately 180 shops, 2,300 parking spaces, and the only indoor ice arena at a shopping center in Riga. Targeted at retail tenants, office tenants, and consumer visitors.
• AKROPOLE Alfa, Riga The largest shopping center in Latvia, featuring approximately 200 shops, 1,750 parking spaces, extended in 2019 with a three-story retail building and multi-story car park. Targeted at retail tenants and consumer visitors.
• AKROPOLIS Vingis (Development Project) A multifunctional cultural, business, shopping, and entertainment quarter under development in Vilnius, featuring approximately 110,000 sq.m. of retail/entertainment space, 110,000 sq.m. of office/apartments, a 2,500-seat concert hall (up to 4,000 standing), and 4,500 parking spaces on a 10-hectare site. Targeted at retail tenants, office tenants, residents, and consumer visitors.
• Green Notes (Žaliosios obligacijos) €350 million green bond issuance with 6% annual interest rate, 5-year term maturing May 15, 2030, listed on Euronext Dublin and Nasdaq Vilnius stock exchanges, issued under the Green Finance Framework with Sustainalytics Second Party Opinion. Targeted at institutional fixed income investors.

Quantifiable outcome

• 44.4 million annual visitors across managed shopping centers (2025)
• +5 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• S&P Global RatingscoreOthers · 15 December 2025International credit rating agency affirming BB+ credit rating with stable outlook. Assessment considers business separations and acquisitions with assets expected to generate significant EBITDA by 2026.
• Fitch RatingscoreOthers · 3 October 2025International credit rating agency providing independent assessment of Akropolis Group's creditworthiness. Confirmed BB+ rating with stable outlook after Galio Group acquisition.
• Galio GroupcoreStrategic or Co-development Partner · 25 September 2025Acquisition completed in September 2025 - Galio Group is a real estate development and management company operating in Baltic region for nearly 20 years. Acquisition increased Akropolis portfolio value by 30% to €1.4B and income-generating assets from 5 to 60 units. Galio Group specializes in commercial and residential real estate development.
• SustainalyticsmajorOthers · 1 February 2025ESG research, ratings and data provider that evaluated Akropolis Group's Green Finance Framework and provided positive Second Party Opinion (SPO) confirming the program is robust and material.
• Newsec Asset & Property ManagementminorOthersProperty management company that manages Akropolis Kaunas (acquired by Deka Immobilien GmbH in 2008).
• PricewaterhouseCooperscoreOthersAuditor for Akropolis Group providing independent financial audit services.
• Clifford Chance LLPmajorOthersLead legal advisor to Akropolis Group for €350M green bond issuance.
• TGS BalticmajorOthersLegal counsel on Lithuanian law matters for bond issuance.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Hammerson: UK-listed owner and operator of prime retail destinations in Europe, focused on flagship shopping centers and retail parks. Comparable in operating model and tenant relationships, with broader geographic footprint.
• Klepierre: One of Europe's largest shopping center operators (listed on Euronext Paris). Operates a continental retail real estate platform with a comparable leasing and asset management model, though at significantly larger scale.
• Unibail-Rodamco-Westfield: Global operator of flagship shopping and dining destinations (listed on Euronext Amsterdam/Paris). Highly comparable in premium shopping center operating model, though at much larger scale and with broader geographic reach.

Direct peers

• NEPI Rockcastle: Largest retail real estate platform in Central and Eastern Europe, owning and operating shopping centers across multiple CEE countries. Highly comparable to Akropolis in business model, tenant mix, and regional focus.
• Wereldhave: Dutch-listed real estate company focused on full-service urban shopping centers in the Netherlands, Belgium, and France. Comparable in size, asset strategy, and tenant-mix focus.
• Citycon: Nordic shopping center operator listed on Nasdaq Helsinki with a similar strategy of owning urban grocery-anchored and mixed-use retail centers. Comparable in size, asset mix, and capital-markets access via listed bonds.

Regional players

• Eften Capital: Baltic real estate investment manager focused on commercial properties across Estonia, Latvia, and Lithuania. Comparable regional player with overlap in Baltic retail/commercial real estate exposure.
• Eastnine: Swedish real estate company with prime Baltic office properties, listed on Nasdaq Stockholm. Comparable as a Baltic-focused real estate investor with regional footprint overlap and similar capital-markets profile.

Emerging players

• Globalworth: CEE-focused real estate investor and operator listed on AIM and Bucharest Stock Exchange, primarily in office and light industrial. Comparable as a CEE-focused landlord with capital-markets access, though office-leaning rather than retail.

Others

• Newsec: Nordic-Baltic property manager that already manages Akropolis Kaunas for Deka Immobilien. Comparable as a third-party property manager in the same geographies and asset class.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/akropolis-group
• Facebookfacebook.com/profile.php

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Akropolis