Rietumu Banka has provided EUR 19 million for
the construction of the third building in the VERDE business district (1 R.
Hirša Street, Riga), as both existing buildings are completely leased out. New
building is supposed to be completed in Q2 2027. The project developer is
Capitalica Asset Management, a part of the SBA Group.
“Verde is one of the most successful new office building projects in Riga, and therefore we are able to provide lending for its further expansion even before contracts with new tenants are made. In many ways, Verde has become a symbol of the most recent progress in the Latvian economy. Verde has demonstrated that high quality and good design make it possible to achieve 100% office occupancy in Riga in a very short time. We have no doubt that the new phase will perform just as strongly. For the bank, this is a valuable long-term addition to our credit portfolio, which increasingly includes promising real estate development projects,” says Artūrs Jukšs, Member of the Board and Head of the Lending Department at Rietumu Banka.
This September, Verde project received approvals for further development phases in Riga in a record-short period of just three months. Both phases are designed to meet the highest BREEAM Outstanding sustainability standards.
“Securing construction financing at such an
early stage – when an office building has not yet signed any tenants – is a
remarkable achievement. Agreements of this kind are extremely rare in the
Baltic region. I am confident that Rietumu Banka’s trust only further proves
the exceptional nature of the Verde project, its strong market reputation, and
the clear demand for it in Riga,” says Gintaras Toločka, Fund Manager at
Capitalica Asset Management.
Green
Verde project: EUR 150 million invested in Riga
Verde office complex currently operates buildings A and B, with a combined area of 45 000 m², occupied by 27 local and international companies.
Buildings C and D will expand the Verde complex by adding 37 000 m² to it, of which 22 500 m² will be leasable Class A office space, accommodating approximately 2 500 new workplaces. The construction of the third phase – Building C – is planned to be completed in Q2 2027. The fourth phase – Building D – is expected to start next year and be completed in Q2 2028. The project is being implemented by Capitalica European Office Fund.
Once all development phases
are completed, Verde will offer more than 50 000 m² of Class A leasable
office space in central Riga, designed for 5 500 employees, with a total
project investment reaching approximately EUR 150 million.
About Rietumu Banka
Rietumu Banka is the
largest bank with Latvian capital and one of the largest banks in the Baltic
region. The bank’s operations focus on servicing large and medium-sized
companies, as well as high-net-worth individuals in Latvia and other Baltic and
European countries. The bank’s clients include companies operating in sectors
such as green energy, food and goods production, commercial and residential
real estate development, construction, import and export transactions,
logistics, trade, financial services, technologies, and others.
About Capitalica Asset Management and SBA Group
UAB Capitalica Asset Management
(www.capitalica.lt) is a licensed investment management company supervised by
the Bank of Lithuania, with its bonds listed on the Nasdaq exchange. Capitalica
Asset Management manages investment funds focused on commercial real estate and
private debt instruments in the Baltic region:
70% of Capitalica Asset Management belongs to
SBA Group – one of the largest company groups in Lithuania. The remaining 30% is
controlled by Fox Holdings, the company of A. Barštys.