The new store ARKET is a modern-day market and lifestyle destination offering essential products for men, women, children and the home, as well as a New Nordic vegetarian café. The wide assortment of fashion, food, scents, beauty and functional home items is curated to simplify good choices and provide inspiration for a more beautiful everyday life.
„We strongly believe in the value growth of prime capital cities locations. Taking into account economic cycles and the opportunities provided by the development of capitals, future growth will outperform other asset classes. We continue to implement the investment strategy of Baltic Horizon Fund and aim to leverage the potential of the Fund’s unique properties located in central locations. The changes implemented in these central locations of the capitals in recent years, including the “Galerija Centrs” in Riga, along with the approved development strategies, ensure the achievement of long-term goals for these assets and for the Fund. As a large institutional investor with decades of knowledge in the Baltics, we will continue investing in the centrally located Galerija Centrs with aim to capitalize on the new cycle of economic development. Centennial public infrastructure projects in Riga city centre will connect people and businesses as never before. We will witness transformation of traditional urban shopping centre into the hub of experience based Live Work Play environment for locals and tourists alike,” commented Tarmo Karotam, Fund Manager, Baltic Horizon Fund.
“We actively shape the future of retail. It gives us enormous pleasure to negotiate and provide solutions to retail brands that are brave to experiment with traditional products and fuse the best of various cultures with aim to bring consumer experience to a new level. We also praise a new thinking of sustainability in every detail – from sourcing the food ingredients, choosing and processing textile, and advocating respectful relationship to nature and communities”, stated Iveta Ardava, head of Retail at CBRE Baltics.
“I am delighted to have ARKET join our brand list. This addition will provide our customers with a fresh and unique experience, encompassing fashion, homeware goods, and the delightful Nordic-inspired café. Here in Latvia, we have a deep appreciation for Scandinavian brands, and we anticipate great success,” commented Sanita Krīgere, Centre Manager of Galerija Centrs.
More information about ARKET, including the specific opening date, will be provided in the near future.
For further and more detailed information please contact:
About Galerija Centrs
As a block of Old Town, the 5-floor property complex consists of two buildings connected with a passage of glass roofed arcade. Originally opened as Army Department Store in 1938, the high street retail centre was last refurbished in 2006 with an added extension. The net leasable area of the property is 19 137 km2. The anchor tenants include H&M, RIMI, Massimo Dutti, Douglas, Lindex, Esprit, Gant, Marc O’Polo, Max Mara Weekend and others. The Galerija Centrs shopping centre was acquired by Baltic Horizon Fund in 2019.
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. Baltic Horizon Fund invests in commercial real estate in the Baltic capital cities. As of Q1 2023, Baltic Horizon Fund’s portfolio consists of 14 properties with a gross asset value of EUR 321 million. For more information about the investment strategy and the property portfolio, please refer to www.baltichorizon.com.
In Riga, Latvia, the fund owns Galerija Centrs shopping centre, SKY Mezciems, as well as the Vainodes 1, the LNK Centre and Upmalas Biroji office complexes. In Riga “Baltic Horizon Fund” portfolio is managed by CBRE Baltics.
ARKET is a brand within the H&M group. ARKET is a brand offering collections for men, women, children and the home as well as a New Nordic vegetarian café. Its first stores opened in August 2017, on Regent Street in London and on arket.com. The brand currently has 27 physical stores across Europe, China and Korea as well as an online store available in 30 European markets. The global online store is shipping to more than 70 destinations worldwide.