Capitalica Asset Management initiates Verde enlargement - channeling more than 70 million euros to construct the most eco-friendly commercial hub in Latvia.
Getting Green and Modern in Riga: Verde Office Complex Expansion
Get ready for some major changes coming to the business district in Riga, Latvia! Capitalica Asset Management, working with the Capitalica European Office Fund, is set to inject over 70 million euros into the development of the third and fourth stages of the Verde office complex - buildings C and D (located at Hanzas iela 14F).
Andrius Barštys, Chairman of the Board at Capitalica Asset Management, had this to say about the project: "Verde is our vision for a sustainable, human-centric, and future-ready office complex. A place where modern architecture, nature, and vibrant business come together, right at the gateway of Riga's growing business district in Skanste. We've leased our first two buildings in just three years, hosting 27 innovative international and local companies. This proves the power of our concept: top-notch offices in a prime location, combined with a green mindset. We're now taking the next step - expanding with two new buildings to strengthen Verde's leadership in Riga's office market and transform it into the greenest business district in Latvia."
Upon completion, Verde will stand tall as Latvia's greenest business district, offering an impressive 50,000 m²+ of high-quality office space for up to 5,500 professionals. The total investment in Verde throughout all development phases will reach about 150 million euros.
With the addition of buildings C and D, the Verde complex will see 37,000 m² of new space, including 22,500 m² of top-tier office areas. The 1.1-hectare site will be home to these six-story buildings, each featuring an underground parking garage for 250 vehicles and over 100 bike racks. This expansion is anticipated to create over 2,500 new jobs, further establishing Verde as one of Riga's most desirable and functional business hubs.
Going Green is the Name of the Game
As Verde moves forward, sustainability will be a top priority. The new buildings will boast rooftop gardens spanning 3,000 m², offering stunning panoramic views of the landscaped courtyard between Verde buildings A and B, as well as Riga's historic and Quiet Centre. These gardens will promote urban biodiversity and improve employee well-being. Additionally, solar panel installations on the rooftops will contribute to increased energy efficiency. Both buildings will be constructed in alignment with the highest BREEAM sustainability certification standards.
The Verde project also includes plans to restore two historic buildings located within the development site, which are part of the UNESCO-listed Historic Centre of Riga. These restorations aim to preserve each building's original appeal while introducing new uses that enrich the district's contemporary vision and augment the area's architectural and cultural value.
Moving in Now: Office Spaces aplenty!
Office spaces ranging from 100 to 2,000+ m² are up for grabs for pre-lease, with options for open-plan, individual offices, or hybrids. Each space can be tailored to your specific needs and company culture, featuring quiet zones, kitchens, meeting rooms, and relaxation areas.
Partners in Crusade
The architectural concept for Verde is masterfully developed by renowned architects Andris Kronbergs and Jānis Zvejnieks from ARHIS Architects. The general contractor is Capitalica Industries, part of the Capitalica Asset Management group, which successfully delivered Verde B. Colliers Baltics acts as the exclusive leasing partner for the new development stages.
Here's a glimpse of the development timeline:- August 2024: Began with the acquisition of land for the upcoming stages.- June 10, 2025: Secured approval for the minimal composition project from the Urban Development Department of the Riga City Council.- End of Summer 2025: Expected release of the building permit and the commencement of construction.- December 2026: Completion of Building C with tenant move-in in March 2027.- End of 2027: Commissioning of Building D, enabling tenant move-in in May 2028.
Opportunities for Investors
Capitalica Asset Management encourages cooperation with new investment partners for buildings C and D. Investors can join the Capitalica European Office Fund with a minimum investment of 125,000 euros, anticipating an annual return of 12-15%. By seizing this investment opportunity, you become part of a strategically significant, forward-thinking project, investing in high-quality, sustainable, and professionally managed real estate development driven by a long-term vision and proven expertise.
And last but certainly not least, let's take a peek at Capitalica Asset Management and SBA Group:- UAB Capitalica Asset Management, supervised by the Bank of Lithuania, with bonds listed on the Nasdaq exchange, manages various investment funds across the Baltic region and beyond.- Capitalica Asset Management is majority-owned (70%) by SBA Group, one of the largest Lithuanian-owned business groups, with the remaining 30% held by A. Barštys' company Fox Holdings.
And don't forget, Verde is Capitalica's long-term, human-centric, sustainable solution to a future-ready office complex, creating a strong, green business district in Riga. Stay tuned for more updates!
- The Verde office complex in Riga's business district, upon completion, aims to transform it into the greenest business district in Latvia.
- The expansion of Verde will include 37,000 m² of new space, with each of the six-story buildings featuring an underground parking garage and over 100 bike racks.
- In line with the commitment to sustainability, rooftop gardens, solar panel installations, and BREEAM certification standards are integral parts of the new buildings in Verde.
- Colliers Baltics act as the exclusive leasing partner for the upcoming development stages of the Verde complex, offering office spaces ranging from 100 to 2,000+ m² tailored to specific business needs and culture.
