Newsec entrusted to manage and further develop Riga’s Old Town flagship shopping centre – Galerija Centrs

Newsec entrusted to manage and further develop Riga’s Old Town flagship shopping centre – Galerija Centrs

The Baltic Horizon Fund investment fund has chosen the Newsec real estate company as its partner for the management of the popular shopping centre Galerija Centrs, located in Riga. Starting from February 1, Newsec experts will provide all services related to the maintenance of the shopping centre, including its real estate management, leasing and accounting, as well as marketing services. The Galerija Centrs representatives pointed out that these changes will also mark a new stage in the development strategy of the shopping centre.

“Galerija Centrs, located in the very heart of Riga, 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 now included in our foundation’s portfolio. We feel a great responsibility to adapt this 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 hear that the residents and guests of Riga appreciate these transformations,” said Tarmo Karatom, Head of the Baltic Horizon Fund.

Entrusting the management of Galerija Centrs to the real estate company 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. The Newsec company can proudly boast of extensive experience in the retail sector and managing shopping centres. Among its managed properties is also the Europa shopping centre in Vilnius, the capital of Lithuania, owned by the Baltic Horizon Fund.

“We truly value the trust our partners have placed in us, by handing over a shopping centre with such a unique history and importance to our management. For our team, this cooperation is recognition of our many years of successful work and experience in developing this type of object.”

“Galerija Centrs is a part of the history of Riga’s Old Town, and is a centre that enjoys a special relationship with its customers owing 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 youthful 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 much-loved 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 quick visit customers. More services (beauty, sports, aesthetics) and office spaces will be proposed for Old Town of Riga. Galerija Centrs visitors may even be surprised with a new shopping center name which is coming up. Stay tuned.” said Rida Kalvaitiene, Head of asset property Management in Baltics.

During the year since Newsec took over the management of the Europa shopping centre owned by the Baltic Horizon Fund in the business district of Vilnius, a new development strategy has been developed and implemented. Only during the year 2023 12 contracts were concluded for almost 3 thousand square meters of leased area with the new tenants. The NOI year on year increased by 53%. SC EUROPA won the BREIA award as the “The Best Shopping Center in the Baltics”.