Maxima Grupė has announced changes to its corporate structure that will see the retail operators in each country in which the group has a presence manage their respective real estate operations.
“For faster and more effective business decisions, we are simplifying the structure of the Maxima Group – we will manage the companies from Lithuania and transfer matters relating to the management of real estate operations to each country’s retail operators," commented Jurgita Šlekytė, Maxima Grupė chief executive.
As part of the new structure, the retail operations in Latvia and Estonia will be two-thirds owned by Maxima Grupė (67%) together with Maxima LT (33%).
The group’s central European operations in Poland and Bulgaria, where further expansion is planned, will see Maxima Grupė retain 100% ownership of retail operations.
Real estate will continue to be managed through special-purpose real estate entities, it said.
In completing the structural changes of the group, management firm Lincoln Land Erste will be merged into Maxima LT.
Prior to the changes, Netherlands-based Lincoln Land Erste held a significant percentage of the group's assets, including its retail operations in Latvia, Estonia and Bulgaria, and its real estate companies in Lithuania, Latvia, Estonia, Poland and Bulgaria.
Maxima Grupė’s aims to complete the structural changes by the end of 2020.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Elizabeth Schroeder. Click subscribe to sign up to ESM: European Supermarket Magazine.
