Lithuania’s Capitalica Asset Management, which developed the Verde office complex in Riga, Latvia, has announced its plans to expand the complex by constructing several new Class A office buildings right next to it.
Capitalica Asset Management is an investment management company licensed and supervised by the Bank of Lithuania and manages five investment funds investing in commercial real estate in the Baltic States. The company is majority-owned by SBA (70%), one of Lithuania’s largest business groups, and Andrius Barstys’s Fox Holdings (30%). Capitalica’s bonds are listed on Nasdaq and the total assets under management currently amount to EUR 219 million.
Capitalica carried out the acquisition of the land near the Verde complex in Riga through its Capitalica European Office Fund. The fund’s portfolio, in addition to the new territory in Riga, also includes an office building on Savanoriu Street 18 in Vilnius.
“We feel that Riga needs Verde to be expanded, so without hesitation, we decided to invest in the development of new buildings in the Skanste business district, located very close to Riga’s city center,” said Andrius Barstys, Chairman of the Board of Capitalica Asset Management. “Four years ago, we began constructing the Verde office complex here. The first phase opened in the summer of 2022, and the second phase was completed in the spring of 2024. This was the first … project developed by Capitalica Asset Management in the Latvian capital. The two eleven-story Class A buildings were implemented according to the highest sustainability and energy efficiency standards, making it the greenest office complex in Riga. We believe, the demand for modern and high-quality offices in the Latvian capital is there – Verde is almost fully leased, with an occupancy rate of 92%.”
“The sustainable and unique solutions of the Verde office complex are an innovation in the Baltics, attracting both local and international companies,” noted Fredis Bikovs, Director of the Riga Investment and Development Agency. “World-class office spaces are one of the most critical criteria for investors, so we are pleased with Capitalica Asset Management’s decision to expand the Verde complex even more, which confirms the demand for modern and simultaneously sustainable office spaces. We are delighted that Riga can offer competitive conditions and a favorable business environment for further development!”
“The number of tenants in the existing A and B buildings of the Verde complex is approaching maximum capacity, though there are still a few promising spaces available, said Iveta Lace, Commercial Director and Board Member of the Verde office complex. “Therefore, I believe that the new Capitalica Asset Management office project, which will be located next to the Verde complex, will be a logical continuation of this business district and will also be in demand among local and international companies which value an excellent location in the city center, truly beautiful architecture, a pleasant environment, as well as the developer’s reputation and the community of other tenants.”
The Ellex law firm advised Capitalica on the acquisition.
