Starting from February 1, Newsec’s experts will provide all services related to the maintenance of the shopping centre, including real estate management, leasing and accounting and marketing services. These changes will mark a new stage in the development strategy of the shopping centre.
Located in the very heart of Riga, Galerija Centrs has been one of the symbols of the city for many decades. It is an integral part of the life of Riga residents and visitors, and we are extremely proud that this unique property, built in 1938, is in our asset portfolio. We feel a great responsibility to adapt the shopping centre to the current needs of Riga, the largest capital of the Baltic States, but also to preserve its historical value. In recent years, significant investments have been made in the renovation of the shopping centre, to open up new areas and offer a unique shopping experience to visitors. We are pleased to see that the residents and guests of Riga appreciate these transformations, said Tarmo Karatom, Fund Manager for Baltic Horizon Fund.
Entrusting the management of Galerija Centrs to real estate property manager Newsec is the next step in the development strategy of the shopping centre. According to the management of the Baltic Horizon Fund, this will allow the centre to maintain its unique and visionary character. Newsec brings extensive experience in managing shopping centres throughout the Baltic region. Newsec also manages Europa Shopping Center in Vilnius, the capital of Lithuania, another asset owned by the Baltic Horizon Fund.
“We truly value the trust our partners have placed in us, by selecting us to manage a shopping centre with such a unique history and importance. For our team, this cooperation is recognition of our many years of successful work and experience in developing this type of property.”
Galerija Centrs is a part of the history of Riga’s Old Town and is a center that enjoys a special relationship with its customers due to its impressive architecture. It is very well known, popular with tourists and close to the main arteries of the city, with lots of businesses, culture and movement all around. It offers a unique range of services including the modern and vibrant Burzma restaurant area and the only Arket store in Riga, as well as many well-known fashion brands such as Maxmara, Massimo Dutti, Mango, Calvin Klein, Gant and the convenient and popular grocery store Rimi. Newsec will aim to strengthen ground floor tenant mix by attracting more international brands, making it more in line with the needs of tourists and customers who pop by to shop. More services (beauty, sports, aesthetics) and office spaces will be proposed for Old Town of Riga. Galerija Centrs visitors should not be surprised to see a new name for the shopping center soon. Stay tuned. said Rida Kalvaitiene, Head of asset property Management in Baltics.
Since Newsec took over the management of the Europa Shopping Center owned by the Baltic Horizon Fund a year ago, a new development strategy has been developed and implemented. 12 leases have been signed with new tenants for almost 3 thousand square meters. The NOI year on year has increased by 53%. SC EUROPA has also been awarded the BREIA for “The Best Shopping Center in the Baltics”.
The portfolio of the owner of Galerija Centrs – Baltic Horizon Fund – currently consists of 12 properties in the capitals of the Baltic States, with a total value that exceeds 278.8 million euros. In Latvia, the fund owns the unique design office centre situated at Vaiņodes Street 1, Upmales biroji at Mūkusalas Street 101, the highly functional business hub S27 at Skanstes Street 27, and a commercial asset in Mežciems where the Sky supermarket operates.