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The new center is expected to open next fall. It will have a total area of 57,000 square meters.

Stopini Region Council has issued a construction permit for the construction of the new lifestyle center and preparations for construction of the center have already begun.

Barkans said that at the lifestyle center, there would interior design and household goods stores, as well as grocery stores, a fitness club, and a recreational area by a pond. The mall will also have a street food street with restaurants and cafes, as well as an office center with a total area of 200 to 2,000 square meters.

"We will enter the market with a different mall concept, combining under the same roof shopping, leisure and fitness, as well as a modern office center and a restaurant street. It's important for us to create a family-friendly shopping and leisure environment, attracting important anchor stores and partners," said Barkans.

The shopping center Saga is being developed by VPH Latvia together with the Estonian real estate developer Estmak Capital.

According to Firmas.lv, last year VPH Latvia operated with a turnover of EUR 379,310 and losses of EUR 42,588. The company was registered in July 2016 and its share capital is EUR 2,900. The sole owner of the company is Lithuanian company VPH.