BPT Real Estate takes over the management of Galleria Riga shopping centre
It is our great pleasure to announce that we have now signed a co-operation agreement with Patollo, SIA, a Latvian RE developer, concerning property management and letting services for shopping centre Galleria Riga.
The shopping centre opened in 2010 and receives over 4 million visitors annually. The total area of the eight-storey building is 23,500 square metres, housing 10 restaurants, a unique roof terrace with panoramic views of Riga, and 120 shops, among which a number of popular global brands : Max&Co, Marella, Stefanel, Suit Supply, Springfield, IBlues, Parfois, Ivo Nikkolo, Cortefiel, Mohito, etc.
Galleria Riga is being further developed, to offer more unique shopping destinations, restaurants, promote wellness and healthy lifestyle, as well as overall pleasant atmosphere for socializing. In autumn 2016, the centre shall face several large-scale functional changes – it shall open the largest H&M and Mango stores in Riga and shall feature the first COS in Baltics.
“As part of our active management and new strategy to become the leading boutique galleria for Fashion, Food and Socializing in Latvia, we are very pleased that BPT was the one to reflect and support our strategic ideas about Galleria Riga. BPT has a good track record and a professional and devoted team. We are looking forward to successful completion of the strategic task and a sustainable operational management of the shopping centre” said Håkan Pehrsson, the Asset Manager for SIA Patollo.
In recent years, the real estate (RE) market in the Baltics had been successfully catching up with the Western countries, forming a new segment of RE services, where investors see RE as a financial vehicle and therefore tend to purchase its management services from the third parties. This trend has also supported us greatly in developing and expanding our business further.