News

Riga, May 6, 2010 – AS Prisma Latvija has signed a long-term lease agreement for hypermarket premises with SIA Imanta Retail Park.

 

"During the coming years, we intend to open a total of six Prisma hypermarkets around Riga. Prisma's advantages on the Riga market are a consistently low price level, wide selection and the ease of centralised shopping," explains Managing Director of AS Prisma Latvija, Pekka Sääskilahti.

 

“This transaction demonstrates the long-term prospects of the retail market in Riga. It is extremely beneficial time for such financially stable companies as PRISMA to implement their long-term development strategy in the Baltic States,” Olga Kozina, Partner in Colliers International Advisors, who acted as a Landlord’s advisor in the lease transaction, comments.

 

SIA Imanta Retail Park is a property company developing a retail & entertainment project within former Radiotehnika RRR factory’s territory. The development project presupposes full reconstruction of the building located at Kurzemes prospect 3 in Imanta to be performed by phases. The phase 1 of the project will include full reconstruction of a part of the building for PRISMA hypermarket premises, landscaping of the territory, organization of traffic with several accesses for cars, and organization of parking and pedestrian friendly pathways and park.

 

 “The location is perfect for such type of retail due to huge catchment area, excellent visibility, location on the way of intensive traffic flow with excellent accessibility by public and private transport as well as easy reachable by foot for adjacent areas,” Olga Kozina says.

 

Imanta and Zolitude districts which are the target catchment area for upcoming PRISMA hypermarket have more than 70,000 inhabitants. About 40,000 – 50,000 cars are passing by the project every day.

The total area of the PRISMA hypermarket is designed to be ca 8,500 sqm and it will employ more than 100 people. Around 750 parking places will be created for PRISMA customers at the territory of the project.

 

The design phase is at this finishing stage and construction is due to be commenced, so the hypermarket PRISMA is scheduled to open its doors for customers in spring 2011.

 

PRISMA has already 2 operating hypermarkets in Riga in the new shopping and entertainment centre Riga Plaza and shopping centre Domina Shopping.

 

“The time of overly optimism and inadequate commercial terms is over in Baltic’s and with limited competition from its rivals PRISMA has managed to secure its presence in one of the most inhabited districts in Riga.” Olga Kozina adds.

 

 

Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in 61 countries. Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.