Linstow Center Management

The first property to be developed under the auspices of Linstow’s retail operations was Dole, on which construction began in 1996 and which was completed in time for its opening in February 1997. Dole was a turning point in the development of the Latvian market, as it was the first shopping center to offer a mix of local and Norwegian stores in a modern retail environment. Not surprisingly, Dole proved to be a hit with shoppers who flocked to enjoy what was an entirely new retailing concept for the Baltic States. This success inspired Linstow to develop other properties in the Baltic capitals.

Towards the end of 1997, Linstow expanded its real estate operations in the Baltic region. After acquiring a 50% stake in the local real estate holding company SIA Varner Hakon Invest, Linstow began to develop a network of shopping centers in Riga.

In January 1997, the enterprise took over the Minska shopping center in the Vidzeme district of Riga. After its renovation, Minska was reopened in August of the same year.

In early 1997, the company also acquired the Mols shopping center, which was still under development at the time. Mols welcomed its first customers in September 1998 and proved to be a true success story. Consequently the shopping center was very soon expanded, reopening in November 2002.

In December 1997, Linstow took over the Centrs department store in the Old Town of Riga, acquiring a majority share from its owner, the joint-stock company Universālveikals Centrs, which was undergoing privatization. Blessed with an iconic location in the Old Town, this historically popular retail destination was renovated by Linstow. After reconstruction, the two lower floors of Centrs welcomed their first shoppers in December 1997, followed by the top floors in May 1998.

In 1998, Linstow launched two major shopping center development projects in Riga: Alfa and Origo. In addition, LCM completely renovated some prestigious urban sites integral to the development of the Origo project, including the historic clock tower next to the Central train station, as well as the Station Square in front of it.

The Alfa shopping park was opened in June 2001.

The Origo shopping center opened its doors to the public in June 2003.

After attaining the strategic goal of establishing a significant real estate base in Riga, Linstow expanded its operations to include Tallinn, the capital city of neighboring Estonia. In April 2004, Linstow made an impressive introduction to the Estonian market by opening Ülemiste, the largest shopping center in the entire country. In a further reflection of the company’s growing ambitions, the expansion of the Alfa shopping center was completed in October 2004.

2006 saw the completion of Linstow’s ambitious plans to further reconstruct and expand the Centrs department store. A completely new concept was devised, which resulted in changing the property’s name to Galerija Centrs and thus launching the attractive new GC brand. The new expanded version of the shopping center opened its doors to customers in August 2006.

On 23 October, 2014, Linstow Center Management opens Ülemiste shopping centre after reconstruction in Tallinn. LCM has invested 40 million euro in reconstruction of the shopping centre in the period between September 2013 and October 2014. Upon completion of reconstruction, retail space will be doubled and reach 92,500 m2, instead of previous 49,700 m2. The same can be said about number of stores, instead of currently available 160, 210 diverse stores, cafes and restaurants will be open to customers.

Linstow Center Management’s long-term objective is to maintain its position as the leading shopping center developer and manager in the Baltic States. Linstow AS is currently the leading foreign investor in the Baltic retail sector, its total investments in the region exceeding EUR 700 million.