From 1 April, Iveta Ardava, Head of Retail Asset Services of CBRE Baltics, took over the position of Managing Director at BH Europa, the company that owns the Europa Shopping Centre. She replaced Eglė Juškienė, who has been the company’s Managing Director for more than a year.
“Europa is currently implementing significant changes – half-year ago, the renovation of the shopping centre began, and CBRE Baltics which is affiliated to the world’s leading real estate services company CBRE, started taking care of its asset management. A change of the Director is a natural next step on this path to improving and streamlining the operation of the shopping centre. We would like to thank E. Juškienė for implementing the most important tasks and preparing Europa for the most important changes to take place during the entire life cycle of the shopping centre,” said Tarmo Karotam, Manager of Baltic Horizon Fund.
According to T. Karotam, Iveta Ardava’s competencies and more than 10 years of experience in the roles of the retail real estate manager for CBRE Baltics will ensure the consistent process of renovating the shopping centre, to meet the needs of its visitors working in the surrounding business centres and living in modern apartment buildings.
“The appointment of I. Ardava as Managing Director of BH Europa also means a growing strategic partnership between Baltic Horizon Fund and CBRE Baltics, as well as a closer integration of asset management with the investors in order to achieve our common objectives. We would like to express our thanks and appreciation for the trust placed in us, which we view very responsibly – we are ready to fulfil our obligations to the tenants, shareholders and the community,” said Santa Rozenkopfa, General Manager of CBRE Baltics.
According to S. Rozenkopfa, the renovation work at the Europa shopping centre will continue, with the aim of adapting to the intensive changes taking place on Vilnius Konstitucijos Avenue and the changing needs of the target audience. The renovation in the shopping centre is focused on the long-term perspective, rather than on the short- to medium-term challenges that retailers are currently facing as a result of the pandemic or the lifestyle changes that preceded it. The construction plans for Konstitucijos Avenue in Vilnius are being developed by real estate developers in Lithuania, Estonia and other Nordic countries. The shopping centre will be even more intensively surrounded by the skyscrapers of the business centre and the future businesses located inside them, as well as new residential apartment buildings and communities.The return of tourists to the city will also have a positive impact.
Iveta Ardava will pursue three strategic objectives: she has been given responsibility for the operation of the team which has also been strengthened and supplemented by new members this year, as well as for the improvement of key real estate processes and the development of relationships with current and future tenants, and for harnessing the potential of CBRE Baltics’ international team in order to build a sustainable shopping centre for the future.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 100,000 employees serving clients in more than 100 countries.
CBRE Baltics provides a broad range of integrated commercial real estate services to developers, investors and occupiers in the Baltic States, including strategic consulting, property sales, leasing, facility and property management, project management, market research, real estate due diligence and valuation. CBRE Baltics currently has offices in Riga, Vilnius and Tallinn, and is part of the CBRE Affiliate Network. CBRE Baltics provides commercial real estate management, leasing, accounting, rental, accounting, maintenance and marketing services to the Baltic Horizon Fund in Lithuania, Latvia and Estonia.
About the SC Europa:
The Vilnius-based Europa shopping centre has been in operating since 2004. The shopping centre has a floor space of 22 thousand sq. m and accommodates nearly 70 retail and service outlets.
The shopping centre is owned by Baltic Horizon Fund, a registered contractual public closed-end real estate fund that is managed by the alternative investment management company Northern Horizon Capital AS. The fund is listed on the Nasdaq Tallinn and Nasdaq Stockholm stock exchanges.
Baltic Horizon Fund’s portfolio includes a total of 14 real estate properties in the capital cities of the Baltic region with a combined gross area of over 144 thousand sq. metres. The total value of the property controlled by the fund is in excess of EUR 327.4 million.