H&M have updated the concept to a new level and are now also selling furniture and opening stand-alone H&M Home stores.
“We are happy to be one of the first in the Baltics with the new H&M Home concept. Since the beginning H&M has had good development in Galleria Riga and we are now expanding the store. First out in the new expansion is H&M Home, which has proven to be a great success for H&M Group,” says Maris Smiltenieks, Country Manager of East Capital Real Estate.
“H&M Home’s new concept fits our customers in Galleria Riga like a glove. H&M Home adds to our positioning towards life-style oriented brands. Our path towards a life style oriented city galleria with unique brands for Latvia has proven to be a strong strategy, that has led to an increased attraction and an increase in foot fall and turn over, during the last years, which is an opposite trend to many shopping centres in Europe. We are very excited since there will be lots of new openings during August – October in Galleria Riga” says Zane Sulca, Centre Manager for Galleria Riga.
Galleria Riga – shopping center in Riga, Latvia – was opened in 2010 totaling 24,300 square meters of gross leasable area. Galleria Riga is owned by East Capital Baltic Property Fund III and managed by East Capital Real Estate AS. Daily operational management and development are provided by BPT Real Estate and by the Stockholm based asset manager and retail real estate specialists, The Retail Headquarters AB.
East Capital Baltic Property Fund III is a real estate fund established by East Capital in August 2015. It invests in high-quality commercial properties with well-established tenants in attractive locations in Tallinn, Riga and Vilnius. The equity capital of the fund is EUR 100 million and it is targeted to institutional investors. Current property investments in the fund are Vesse retail center, Nehatu Logistics Park and the first Hilton hotel in the Baltics, located in and around Tallinn, as well as P5 Logistics Complex and Galleria Riga in Riga.
East Capital Real Estate, part of East Capital group, is a leading real estate asset manager in the Baltics with a team present on all three markets. The team manages three funds with a total leasable area of 400,000 sqm spread over 25 properties and with total asset value over EUR 415 million.
East Capital group is an independent asset manager, founded in Sweden in 1997, with offices in Dubai, Hong Kong, Luxembourg, Moscow, Oslo, Stockholm and Tallinn. The company manages EUR 4.9 billion in public equity funds, real estate funds and separate accounts, for a broad international investor base, including leading institutions.