Baltic Horizon Fund Entrusts its Tallinn Assets to Newsec: Expanding a Game-Changing Collaborative Approach to Estonia
The real estate fund Baltic Horizon is entrusting the management of its assets in Estonia to the international real estate consultancy firm Newsec. The two companies are adopting a collaboration model in Tallinn, that has proven successful in Riga and Vilnius. The model involves the fund and management company teaming up, working closely together and abandoning the formal client–provider relationship. Not only does this approach ensure swift operations but it also enables flexible responses to project and market changes.
“With market dynamics intensifying, we need to rethink the traditional relationship between property owners and managers. We have worked closely with Newsec in Vilnius and Riga, and this innovative approach has enabled us to be flexible and to respond quickly and efficiently to changes. Newsec is a fastmoving, goal-oriented team that boldly embraces unconventional solutions. At Baltic Horizon Fund, we set the highest standards for ourselves, and we are pleased to have a partner on board that operates at our pace and level of excellence,” said Tarmo Karotam, Baltic Horizon Fund manager.
In 2024, the partnership between Newsec and Baltic Horizon Fund has resulted in several anchor tenants and stronger asset concepts with target partnerships. Partnering has also enabled to respond quickly to new emerging trends in beauty, wellness, and high-traffic-generating entertainment – a growing global trend in retail.
A record-breaking lease agreement of 3,232 sqm with the international furniture manufacturer Narbutas was signed at the Meraki Business Home in Vilnius at the beginning of the year. Another highlight in Lithuania’s capital was the opening of a 2,000 sqm flagship IKI supermarket in the Europa shopping centre.
The shopping centre in the business district of central Vilnius also strengthened its concept by opening the country’s first Holland & Barrett wellness store and attracting brands such as Tops!, Rieker, and Bottlery. The shopping centre just welcomed Perfectus Clinica, an aesthetic medicine clinic offering a holistic approach to beauty and wellness. To further enhance its wellness portfolio, agreements were also signed with the clinics InMedica and Antėja.
Europa’s transformation reached the next stage with the redevelopment of its facade along Konstitucijos Avenue and the creation of a revamped restaurant zone.
Meanwhile, Riga’s iconic shopping centre, Galerija Centrs, introduced a 2,000 sqm MyFitness gym with a modern concept and opened the 1,959 sqm Kosmopark. These initiatives significantly boosted foot traffic, with visitor numbers doubling compared to previous years during the city’s anniversary celebrations in August. Following the success of Kosmopark, SC Europa will introduce a new project next year – the 1,214 sqm-spanning Danger Park.
Now, the same collaborative model will be implemented across Baltic Horizon Fund’s properties in Tallinn, including the Postimaja, CC Plaza, and Pirita shopping centres, as well as the Lincona office building.
“Our ambition as property managers is to align perfectly with the owner’s needs, and we deeply value the trust of Baltic Horizon Fund. Managing the Fund’s assets across all three Baltic countries allows us to showcase Newsec’s full potential: offering top-notch leasing solutions and implementing proven cost (opex) and technical project management practices. We also ensure effective marketing strategies and short-term revenue generation at the best timing,” stated Rida Kalvaitienė, head of Newsec Property Management Group in the Baltics.
The Baltic Horizon Fund manages a portfolio of 12 assets in the Baltic capitals, with a total value exceeding €278.8 million.
Newsec is a full-service real estate company operating in Northern Europe and has been active in the Baltic markets since 2003.