“The largest capital city in the Baltics is currently experiencing a very dynamic phase of development. The changing needs of organisations for real estate and the distinctive features of our portfolio open up unique possibilities for a new qualitative leap in the commercial property market. As part of our portfolio development strategy and in order to unlock the potential, we have chosen Colliers, the undisputed leader in the office segment in Latvia, as our partner. Their experience and expertise, as well as the Fund’s capabilities, will provide the tenants of our portfolio properties with exceptional comfort and opportunities to develop,” says Tarmo Karotam, Fund Manager for Baltic Horizon Fund.
According to Karotam, Colliers will provide property management, accounting and rental services, and will also cooperate in the strategic modernisation of the properties and the management of the ongoing reconstruction and development projects.
According to Tarmo Karotam, the first changes have already been planned. Upmalas Biroji fund has recently signed a 4,000 sqm rental deal with the Latvian State Police. It is one of the largest office rental deals in Latvia this year.
We aim to refresh the concepts of these properties and adapt them to the current market needs. We have plans to create new green areas around the buildings and to implement infrastructure solutions needed by organisations, such as gyms, conference halls and more, says Tarmo Karotam.
Colliers, a leading real estate consultancy company, has an extensive experience in property management in the region and worldwide. Currently, the company provides property management services for office, retail, industrial and warehouse properties for a total of 27 commercial properties with a total rentable area of more than 400,000 sqm in Latvia alone.
“We are privileged that the executives of Baltic Horizon Fund have entrusted Colliers to manage the portfolio of office properties in Riga, which stands out for their potential and adaptability. Colliers and Baltic Horizon Fund share a common vision of transforming and improving real estate properties, and we believe that this cooperation will create new opportunities in Riga office market. The planned conceptual developments will significantly expand the potential and adaptability of the properties, and will provide the organisations operating here with the top-class office space and surrounding infrastructure to meet the most demanding expectations,” says Deniss Kairans, Partner and Managing Director at Colliers Baltics.
About Baltic Horizon Fund
Baltic Horizon Fund is a listed real estate fund. Baltic Horizon Fund’s portfolio consists of 12 real estate properties in the capitals of the Baltic States. The fair value of the fund portfolio is exceeding EUR 250 million. In Latvia, the fund owns the shopping centres Galerija Centrs and SKY Hipokrāta, and the offices Upmalas Biroji, Vainodes I and S27.
