Rietumu Banka granted additional financing of 11.4 million euros for development of Sāga shopping centre

Rietumu Banka has provided 11.4 million euros to SIA Riga Retail Park – the owner of Sāga shopping centre.

This is a second loan intended for the project development. In 2023, a loan of 48 million euros was granted to this company by Rietumu Banka, which was one of the largest lending transactions in Latvia that year.

Further funding has been provided considering the successful operations and financial performance of Riga Retail Park. The company demonstrated convincing growth – its turnover reached 9.01 million euros in 2024, which constitutes an increase by 10% compared with the previous year.

The dynamic development of Sāga is another evidence of the company’s financial success, as all premises available in the shopping centre had been rented out.

“Sāga has proved to be a sustainable, well-managed, and popular shopping centre. The quality and range of offered services as well as its location in a rapidly developing part of Riga provide for stable growth potential. Rietumu Banka is glad to continue its cooperation with Riga Retail Park, supporting the projects that foster economic activity and improve the local quality of living,” said Jeļena Buraja, Chairman of the Board of Rietumu Banka.

Additional funding provided by Rietumu Banka will enable refinancing of the company’s initially made investments, thus ensuring the possibility to plan further progress in the retail sector, including implementation of new projects in the Baltic states.

Barry Nabuurs, the Member of the Board of Riga Retail Park, emphasized the following: “We are currently developing similar retail and lifestyle centres in Riga, Vilnius and Kaunas, providing the opportunity to purchase necessary goods and also promoting the availability of services, sports activities, and quality of life in the neighbourhoods where our centres are located.”

In March this year, the Sāga+ section of the shopping centre became fully occupied, following its initial opening last year. It will be home to several stores: Design Box, which offers designer furniture and interior elements from brands popular in Europe; modern fishing store Ēsma Outdoor, which features a pool for testing the fishing tackle; professional tools and equipment store Stokker; Ramirent, offering construction equipment rent and a parcel locker; sporting goods shop Fans, and plumbing and heating equipment store Komforts. These brands will supplement the stores already located in Sāga, which include Rimi Hyper, Decathlon, JYSK, and Būvniecības ABC. 

The company has made substantial investments in environmental sustainability and energy efficiency. Last year, solar panels were installed on the roof of Sāga building, having the total area of 3500 sq. m and the capacity of 499 kW, which allows generating up to 500 MWh per year to be used for the needs of the shopping centre. In future, the capacity is planned to be increased by 1 MW. The clients can also use the car charging station providing the possibility for up to 12 cars to be charged simultaneously with future plans to expand to 25 charging spaces. In 2025, several improvements were made to the building, including roof repairs and the installation of revolving doors, which resulted in the building obtaining a Class A energy efficiency rating.

The shopping centre territory is a place for regular local fairs, where seasonal foods, fresh bread, fruits and vegetables, and handicrafts can be bought.

Besides versatile shopping experience, Sāga also provides the opportunities for outdoor and leisure activities: basketball court, wake park, outdoor terrace, regular and special events – workshops, concerts, open-air movies, and activities for children and families Looking for new development opportunities, SAGA Tarzan Park behind Saga+ is planned to be built next year.

About Sāga shopping centre

Sāga shopping centre is one of the largest and most modern ones in Latvia. It is located in Dreilini neighbourhood in Riga, near major traffic junctions, in the vicinity of the only IKEA store in Latvia. The centre offers a wide range of goods and services – homeware, interior and design shops, family leisure activities, food court, fitness club, postal and healthcare services. SIA "VPH Latvia", the developer of SĀGA, provides the daily management of the centre.