Swedbank grants €65 million to SĀGA shopping centre

Swedbank has granted €65 million in financing to the SĀGA shopping and leisure centre, located near Riga's eastern border at Biķeru iela 4, becoming the centre's financial partner.

SĀGA is one of the largest shopping and leisure centres in the Pieriga area, spanning more than 57,000 square metres. It brings together a wide range of shops, services and dining options, with a particular focus on home goods, interior design, sports and garden products. Tenants include brands such as Decathlon, Rimi, JYSK and Būvniecības ABC, while Latvia's only IKEA store is located nearby.

Development plans

Barry Nabuurs, chairman of the board of SĀGA, said the goal is to keep improving the centre's offering so it serves not only as a shopping destination but also as a place for sports, leisure and family time, strengthening its role across the wider Riga region.

Jevgenijs Ivanovs, head of corporate banking and board member at Swedbank, said the bank's decision reflects the centre's solid management, strong tenant portfolio and growth potential.

From pandemic launch to steady growth

SĀGA opened in late 2020, during the Covid-19 pandemic. Despite the challenging economic environment at the time, it managed to attract strong tenants and build a stable flow of visitors. The centre continues to expand its range of services and invest in sustainability — in 2025, solar panels with a total capacity of 499 kW were installed on its roof, with plans to expand capacity by a further 1 MW in the near future.