Capitalica Asset Management has signed a EUR 31 million loan agreement with Rietumu Banka to finance the completion of Building D at Verde, Latvia’s greenest office district in Riga. Following the agreement, Rietumu Banka’s total financing portfolio for Verde Buildings C and D will reach EUR 50 million.
The new financing comes as demand for Building C continues to exceed expectations. More than one-third of the building spaces have already been reserved, while interest from potential tenants and investors continues to grow. In response to the strong market demand and rapid progress of Building C, Capitalica is accelerating the development of Building D, which is now planned to be completed by the end of 2027.
“Building C is progressing faster than expected both in terms of construction and market demand. With more than a third of the spaces already reserved and interest continuing to grow, we see a clear opportunity to accelerate Building D as well. We are particularly pleased to strengthen our partnership with Rietumu Banka. It is an exceptional sign of confidence that the bank is financing Building D at such an early stage of the project,” says Andrius Barštys, CEO of Capitalica Asset Management.
“We are pleased to continue our cooperation with Capitalica Asset Management and support the next stage of Verde. At Rietumu Banka, we are consistently expanding our financing for businesses and remain focused on building long-term relationships with our clients, and Verde is a strong example of this approach. This financing reflects our confidence in the project, the developer’s professional execution, and the stable demand for modern, sustainable office space in Riga. Verde is among the most contemporary office centres in the city, and we are pleased to support its further growth,” says Jeļena Buraja, Chairman of the Board / CEO of Rietumu Banka.
Alongside construction, work on the surroundings of the new Verde buildings is also progressing. Landscaping and greenery works are scheduled to start in mid-September, while restoration of heritage elements is underway, including a historic wooden railway guardhouse that will be installed on the roof of Building C.