May 13, 2021
Baltic Horizon Fund has selected CBRE Baltics, which is part of global real estate and investment leader CBRE’s affiliate network, as its main partner for property management and accounting services. CBRE Baltics will provide commercial real estate management, rental, accounting, maintenance and marketing services to the fund in Lithuania, Latvia and Estonia.
The portfolio of properties managed by Baltic Horizon Fund consists of 15 commercial real estate properties in the capital cities of the Baltic States, with a total leasable area of 153 thousand sq. metres. The fund owns the Europa shopping centre, as well as the Domus Pro shopping centre and office complex, the Duetto and North Star business centres, Galerija Centrs, Postimaja and other sites. The total value of the fund’s property portfolio exceeds EUR 355 million.
Baltic Horizon Fund publishes and implements an international tender on a regular basis every three years, in accordance with the fund’s competition procedures and the highest compliance standards. Until now, Baltic Horizon Fund’s property management and accounting services have been provided by several companies; however, the main partner has been BPT Real Estate since 2008.
As of 1st September 2021, CBRE Baltics will be the main partner of Baltic Horizon Fund, and will be providing services for the entire portfolio of the fund. In addition, Censeo will provide services to the Lithuanian business centres Duetto and North Star, as well as to the Domus Pro shopping centre and office complex along with CBRE Baltics.
“This year, we received nine very strong candidates in our international tender. We would like to thank everyone who paid such great attention to the foundation and provided high quality and professional tender materials. The existing experience and expertise, as well as compliance with our values and a shared vision of the future in all Baltic countries, were important factors in selecting our partners. This is especially important as we are starting to move forward in the post-pandemic period, to implement the necessary changes and ensure the successful performance of the fund. We would like to thank our former partners: BPT Real Estate, Bauplan Nord and YIT Lietuva, for their many years of cooperation on a stage filled with all kinds of experience and challenges,” said Tarmo Karotam, Manager of Baltic Horizon Fund.
“We appreciate the trust that Baltic Horizon Fund has placed in us – this partnership is important for establishing our presence and expanding in the Baltic States. In recent years, we have worked purposefully in order to expand our competencies and services in different real estate sectors. At present, real estate management requires not only the ability to change but also the assurance of growth. We believe that in addition to our local presence and knowledge, CBRE’s global experience and existing competencies, combined with the highest standards of sustainability in the environmental, social and governance fields, will allow us to achieve the best results for our partnership in an ever-changing environment,” said Santa Rozenkopfa, Managing Director of CBRE Baltics.
According to Rozenkopfa, despite the global pandemic, the economies in the Baltic region have exceeded the forecasts made at the beginning of 2020 – businesses have been able to adapt flexibly to the recent changes, while the situation regarding the easing of restrictions is currently looking cautiously optimistic. Therefore, it is time to start actively preparing for the post-pandemic period and the slow return to normal, but at the same time finding different ways of working, shopping, enjoying entertainment and relaxing.
CBRE Baltics provides a broad range of integrated commercial real estate services to developers, investors and occupiers in the Baltic States, including strategic consulting, property sales, leasing, facility and property management, project management, market research, real estate due diligence and valuation. CBRE Baltics currently has offices in Riga, Vilnius and Tallinn, and is part of the CBRE Affiliate Network.
Baltic Horizon Fund is a registered contractual public closed-end real estate fund that is managed by alternative investment management company, Northern Horizon Capital AS. The fund is listed on the Nasdaq Tallinn and Nasdaq Stockholm stock exchanges.
