"Spice" Shopping Centre receives a EUR 5 million loan from SEB banka

A further loan of EUR 5 million has been granted by SEB banka to "Spice" Shopping Centre, increasing the total amount of the loan to EUR 55 million. Modernising the shopping centre will improve its appeal and contribute to more sustainable and efficient energy management. 

The total investment in the project to modernise the shopping centre is expected to be in the range of EUR 10 million. “The interior renovation is crucial to maintain Spices’ position as a leading shopping centre. Last year, we invested EUR 3.7 million in new flooring, refurbishment of toilets and Palm Avenue. This year, the works would cover all three atriums and Fashion Avenue. Aside from Spice getting a new, modern look, the project will upgrade all communications, improve ventilation, and upgrade lighting to LEDs. A drinking water station has been created where visitors can fill up their water bottles for free. For design purposes, we use many works by Latvian artists and manufacturers,” says Iveta Priedīte, the manager of Spice and Spice Home shopping centres.

Ints Krasts, a member of the Board of SEB banka: “In 2022, people’s shopping habits reflect a recovery from the COVID-19 pandemic. Although e-commerce volumes continue to grow, shopping centres with good locations, modern, comfortable environments, and the goods and services shoppers need on a daily basis will remain important, so we remain constructive in our approach to the development of commercial real estate. One of the key factors for the development of this segment is sustainability. Spice is an example of how insightful investments in communications and facilities can benefit the business as well as the environment.”

Additionally, last year, Spice was certified as a BREEAM sustainable building, meaning it meets the global standards for sustainability. A new generation gas boiler with condenser was installed, which reduces gas consumption by 10% and recovers 10% of the flue gas temperature. The shopping centre also has a solar farm on its roof. “This year, we plan to continue the activities already underway in order to achieve a higher level of BREEAM certification. The work entails replacing the lighting, establishing an even smarter energy management system, and sorting waste in a more effective manner,” adds Iveta Priedīte.

About Spice Shopping Centre

Spice Shopping Centre is one of the leading shopping centres in Latvia. It is located on the left bank of the Daugava River, only 10 minutes by car from the centre of Riga. The shopping centre is also easily accessible from Riga Airport. The Spice and Spice Home shopping centres house more than 200 shops as well as restaurants, cafés and various service providers. Almost 2,000 parking spaces and 3 charging stations for electric cars are available to visitors.