The company “Linstow” started its operation in Latvia in 1996. During this time, the company has gained an impeccable reputation as an experienced and successful developer of shopping centres in the Baltic states. In Latvia, Linstow has opened five shopping centres: Alfa, Mols, Galerija Centrs, Origo and Dole. It has also developed the “Minsk” shopping centre in Riga, as well as the largest shopping centre in Estonia – “Ülemiste”.
The first Linstow retail development project was Dole, work on which began in 1996 and was completed in February 1997. In the context of the development of the Latvian market, Dole was a turning point, as it offered customers a combination of local and Norwegian stores in a modern retail environment. Unsurprisingly, Dole gained enormous popularity among shoppers who flocked to the mall to enjoy a completely new retail concept in the Baltics. This success inspired Linstow to develop other estate in the Baltic capitals.
At the end of 1997, Linstow became an active player in the real estate market in the Baltic region. After the acquisition of a 50% stake in the local real estate company SIA Varner Hakon Invest, Linstow began to build a network of shopping centres in Riga.
"In January 1997, the company undertook the development of the “Minsk” shopping centre in the Vidzeme suburb of Riga. After renovation, it was opened to visitors in August of the same year. At the beginning of 1997, the company also acquired the “Mols” shopping centre, which was still under development at the time. “Mols” greeted the first customers in September 1998, which turned out to be a real success story. “Mols” was soon expanded, reopening in November 2002. In December 1997, Linstow began project development at the “Centrs” department store in Old Riga, acquiring most of its shares from its owner, the joint-stock company “Universālveikals Centrs”, which had been submitted for privatisation. Linstow renovated this shopping centre in the heart of Old Riga, where it has always been a popular shopping destination. After the reconstruction, the first two floors already opened their doors to buyers in December 1997; the others were opened in May 1998."
In 1998, Linstow launched two large shopping centre development projects in Riga - “Alfa” and “Origo”. In addition, the LCM has completely restored landmarks in the cityscape that were an integral part of the Origo project, including the historic Station Clock at Central Station, as well as Station Square.
In June 2001, the “Alfa” shopping centre was opened.
In June 2003, the “Origo” shopping centre opened its doors to customers.
After establishing a significant real estate base in Riga, which was one of the company's strategic goals, Linstow expanded its operations to the neighbouring capital of Estonia, Tallinn. In April 2004, Linstow made an ambitious breakthrough in Estonia, opening the country's largest Ülemiste shopping centre. Continuing to implement the company's growing ambitions, the expansion of the Alfa shopping centre was completed in October 2004.
In 2006, Linstow's idea to renovate the “Centrs” department store was implemented through an ambitious reconstruction and expansion project. A completely different concept was created, as a result of which the property was renamed “Galeriju Centrs”, laying the foundation for the creation of a new brand - GC. The new expanded shopping centre opened its doors to customers in August 2006.
After reconstruction, the Ülemiste shopping centre was opened on 23 October 2014 in Tallinn. Linstow invested 40 million euros in the reconstruction of the centre, which lasted from September 2013 to October 2014. After reconstruction, the area of the current shopping centre (GBA) was doubled - from 49,700 m2. to 92,500 m2, and instead of the current 160 stores, it is now possible to visit 210 different shops, cafes and restaurants.
Diversified real estate developer and manager
Linstow Baltic has an active ownership role in several major development projects within many different property segments. Among these are offices, health properties, shopping centers, hotels, leisure and parking properties. In the Baltics, Linstow is a major player in the shopping centers, offices and hotel market.