Realto Group Acquires Sky&More Shopping Center in Riga, Announces Expansion Plans

Riga, Latvia – March 19, 2026 – The ‘Sky & More’ shopping center in Riga, located at 19 A Duntes Street, has been acquired by the real estate development group ‘Realto,’ according to an agreement signed in early March. The acquisition signals a new phase of development for the premium retail center, with plans for expansion and improvements to tenant offerings and services.

Ownership Transfer and Future Development

The acquisition involves the purchase of shares in LLC ‘Skai Pluss,’ the company that owns and manages ‘Sky & More.’ Representatives of Realto have stated that ongoing development projects will continue, and the center’s offerings will be gradually enhanced to strengthen its position in the Riga retail segment [BB.lv]. The financial terms of the deal have not been disclosed [LSM].

Key Expansion Projects for 2026

Several significant development projects are planned for ‘Sky & More’ in 2026, including:

• My Fitness Expansion: The ‘My Fitness’ sports club will undergo reconstruction and expansion, increasing its area by 30% to provide visitors with more extensive training opportunities and a modern environment [BB.lv].
• Peak Climbing Hall Expansion: The climbing and bouldering hall ‘Peak’ will be enlarged, offering a wider variety of routes and climbing methods [BB.lv].
• Virsotne Expansion: In collaboration with the Italian brand ‘La Sportiva,’ the outdoor and sports goods store ‘Virsotne’ will be significantly expanded, offering a more diverse product range [BB.lv].
• New Grocery Store: A new grocery store will open, complementing the existing offerings and providing customers with products of comparable quality [BB.lv].

Previous Retailer and Current Status

The shopping center previously housed the ‘Sky’ hypermarket, operated by SIA ‘Skai Baltija,’ which has since initiated insolvency proceedings [BB.lv]. The Competition Council will determine the fate of the new premium grocery operator.

Prior to the sale, ‘Skai Pluss’ was co-owned by Aivars Rubenis and Andris Lontonam, each holding a 50% stake [LSM].