TALLINN, Feb 3 (LETA--BNS) - Linstow Baltic, the leading real estate developer in Norway and the Baltics, has selected the Estonian company Snabb as the new parking operator for all its properties in Riga.

The contract, valued at up to 20 million euros, marks a major expansion for Snabb, the company said in a press release.

Snabb will replace EuroPark and take over parking management at several key locations, including Origo, the largest shopping center in Riga.

According to Linstow Baltic CEO Frode Grønvold, the company is focused on delivering seamless and modern parking solutions.

"Snabb’s technology-driven approach aligns perfectly with our goal of enhancing convenience and efficiency across our properties. We believe this partnership will elevate the parking experience for both visitors and tenants," he said.

Snabb CEO Kustas Kõiv said he sees this as a significant milestone.

"Contracts of this scale are uncommon in the Baltics. In Estonia, only the City of Tallinn and Tallinn Airport have comparable parking volumes, making this an important win for Snabb. Our strategy has always been to offer the best product, and this success confirms we’re on the right track," Kõiv said.

Snabb’s expansion into Riga will introduce major innovations. License plate recognition cameras will replace traditional ticket terminals, and contactless payments will be available at exits. Customers will also have more flexibility in payment methods, as Snabb partners up with major parking app in the region, Mobilly, which has over a million users.

"We’re giving customers control over how they pay -- whether it’s Snabb, Mobilly, or another solution. Convenience should always come first," Kõiv said.

Under the new contract, Snabb will manage parking at Origo shopping center, Radisson Blu Latvija and Radisson Elizabete hotels, as well as multiple open-air parking areas in central Riga. Snabb has already been operating at Ülemiste shopping center in Estonia since January 2024, another key project in Linstow Baltic’s portfolio.

Snabb was launched in 2015. The Snabb app offers over 200 parking lots, as well as 240 car washes and 260 electric car chargers across the Baltics. Snabb's founders and investors include Rain Lõhmus, who is the chairman of the supervisory board of LHV, Marek Kiisa, who is a partner at NordicNinja VC, and Marko Oolo from Superangel Fund. Snabb currently operates in five foreign markets in addition to the Estonian and Lithuanian markets.