“Capitalica Asset Management” Launches an 8 Million Euro Bond Offering to Finance the Development of “Verde” C & D Buildings in Riga; 3 Million Euro in the First Tranche
The closed-ended investment fund for informed investors, “Capitalica European Office Fund”, managed by the investment management company “Capitalica Asset Management”, has launched the first tranche of a public bond offering in the amount of 8 million euro. In the first bond issuance, it is planned to raise 3 million euro to finance the next development phase of the Class A office complex “Verde”, namely the construction of buildings C and D. The construction of both new buildings will expand the supply of the Riga office market by 22,500 sqm of modern office space, as a result of which “Verde” will become the greenest business district in Latvia.
The annual interest rate on the bonds is 8%, while the maturity date is 12 August 2028. The nominal value of one bond and the minimum investment amount is 1,000 euro. The subscription period will take place from 3 to 9 February 2026, while the bond issuance date is scheduled for 12 February 2026.
The lead arranger of the bond offering is “Artea Bank” from Lithuania, while the co-arranger is Latvia’s “Signet Bank”. The fund foresees the possibility of increasing the total bond issuance volume to 12 million euro in the future.
“This bond issuance is an investment in a project whose commercial performance has already been proven in the Latvian real estate and sustainable office market. The buildings developed in the first and second phases of “Verde” are operating at full capacity and are 100% leased, while the next development phase—two additional buildings—is a logical and demand-driven step in our growth path,” emphasizes fund manager Gintaras Toločka.
The Green “Verde” Project – a 150 million euro investment in Riga
Currently, the “Verde” A and B buildings are fully operational, offering a total of 30,000 sqm of leasable office space. Both buildings are fully leased and accommodate more than 20 international and local companies, including “Swisscom” and “Worldline Latvia”.
The planned C and D buildings will expand the “Verde” complex by an additional 22,500 sqm of Class A office space, providing approximately 2,500 new jobs. Construction of the third development phase—Building C—is scheduled for completion in the second quarter of 2027, while construction of Building D is planned to begin next year, with completion expected in the second to third quarter of 2028.
Upon completion of all development phases, “Verde” will become the greenest business district in central Riga and across Latvia, offering more than 50,000 sqm of office space for approximately 5,500 employees. The total investment volume in the project will reach approximately 150 million euro.