Development is well underway at the €4.3 million reconstruction project at 78, Dzelzavas Street in Riga, previously occupied by a shopping centre.

In its largest and most complex development project to date, Hili Properties is reconstructing the shopping centre to triple the leasable area to 4,000 square metres. Agreements for 10-year-plus leases have been secured for 89 per cent of the new building’s leasable area spread across two floors.

The project, which kicked off earlier this year, will take 14 months to complete. Works are currently focused on the building’s foundation, engineering communications, and the car park and access roads.

The shopping centre is among a number of development projects in Latvia and Romania in which Hili Properties is engaged. The company is stepping up its development activity across its footprint as it works to diversify its revenue pipeline.