“Capitalica Asset Management” Secures EUR 19 Million Loan from Latvia’s “Rietumu” Bank for Further “Verde” Development in Riga
SBA Group’s investment management company “Capitalica Asset Management” has signed a development loan agreement with Latvia’s “Rietumu“ bank. The EUR 19 million loan is designated for the construction of Building C of the “Verde” project, currently being developed in central Riga. Total planned investment into the newly constructed C and D buildings will exceed EUR 70 million.
“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” bank’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”.
This September, “Verde” project received approvals for the third and fourth 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.
“Verde is one of the most successful new office projects in Riga, and its strong performance allows us to finance its further development at a very early stage – before the attraction of tenants. In many ways, Verde has become a symbol of the new economic progress of Latvia. The project has proven that with a high-quality and well-designed product it is possible to achieve 100% office occupancy in Riga in a very short time, and we have no doubt that the new development phase will be equally successful. For the bank, this is a valuable long-term investment within our lending portfolio, which increasingly includes promising real estate development projects,” says Artūrs Jukšs, Member of the Management Board and Head of Lending at Rietumu Bank.
The Green “Verde” Project: EUR 150 Million Invested in Riga
The green “Verde” office complex currently operates Buildings A and B, with a combined area of 45,000 m². They already host several dozen international and local Latvian companies.
Buildings C and D will expand the “Verde” complex by an additional 37,000 m², 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 the “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.
