Baltic Horizon Fund has chosen Newsec, a leader in real estate consulting, as its real estate management and accounting services partner for the Europa shopping centre. Newsec will start to manage the shopping centre from 1 November, where it will provide commercial real estate management, leasing, accounting, maintenance and marketing services.
“Europa has recently completed one of the most important stages in its history and will welcome the upcoming year as a completely renewed shopping centre. The extremely dynamic economic situation, combined with the unique position that the Europa shopping centre holds in Vilnius and the opportunities provided by the updated shopping centre, determined the need for us to secure the strongest partner team in the market. We are pleased to announce that the professionals from Newsec will be joining the Europa SC management team,” said Tarmo Karotam, Manager of Baltic Horizon Fund.
“We are grateful to the Baltic Horizon Fund for the trust it has placed in us, and we are ready to achieve the best results. We believe that the long-term experience and competencies of Newsec will ensure the smooth administration of the shopping centre, including the sustainability of its operations and satisfaction among the lessees. The new concept of the Europa shopping centre will help to not only increase the customer flow, but will also attract new, strategically important lessees. In turn, this will increase the level of awareness and popularity of the centre, as well as the value of our customers’ property. We are aiming for the shopping centre to meet the needs of visitors and their lifestyles to the maximum extent, while becoming a centre of everyday attraction. We currently manage 8 shopping centres in Lithuania, and we have an excellent team of professionals. Therefore, I am sure that the highest sustainability standards applied by Newsec in the areas of environmental, social and management will allow us to achieve the best results from this partnership,” said Rida Kalvaitienė, Newsec’s Head of Property Asset Management in the Baltics.
Newsec provides a full range of real estate management services aimed at increasing the value of customers’ assets and growing their net operating income. Depending on the customer’s needs, the property management services offered by Newsec can include day-to-day maintenance of the property, maintenance of relations with lessees and technical issues in relation to building administration, as well as the implementation of lease changes and strategic decisions in the building. In its activities, the company applies time-tested management standards and structured processes to ensure efficient asset management. Currently, Newsec provides asset management services in the markets of Lithuania, Latvia and Estonia.
About SC Europa:
The Europa shopping centre has been operating in Vilnius since 2004. The 22,000 sq. m centre currently houses nearly 70 retail trade and service outlets.
The owner of the centre is Baltic Horizon Fund, a registered contractual public closed-end real estate fund managed by the alternative management company Northern Horizon Capital AS. The fund is listed on the Nasdaq Tallinn and Nasdaq Stockholm stock exchanges.
In total, the Baltic Horizon Fund’s portfolio consists of 15 real estate properties in the capitals of the Baltic States, covering an area of more than 144 thousand sq. m. The total value of the fund’s asset portfolio exceeds EUR 335 million.
In Vilnius, Lithuania, the fund owns the Europa shopping centre, as well as the Domus Pro shopping centre and office complex, and the Duetto and North Star office complexes.
For more information:
Baltic Horizon Fund, Fund Manager