Capitalica Asset Management has announced that the Riga City Council’s City Development Department has issued a building permit for the construction of the third and fourth phases of the Verde office complex located at Hanzas iela 14F in Riga.
According to Capitalica, the C and D buildings will expand the Verde complex by 37,000 square meters, including 22,500 square meters of leasable A-class office space and capacity for around 2,500 new jobs – further strengthening Verde’s position as one of Riga’s most modern and sustainable business district. The third phase is scheduled for completion in Q1 2027, followed by the fourth in Q2 2028.
The development is being implemented by the Capitalica European Office Fund, which specializes in sustainable office projects across the Baltics. Once all phases are completed, Verde will offer more than 50,000 square meters of A-class offices for up to 5,500 professionals, with a total investment of approximately EUR 150 million. The company claims it will become the greenest business quarter in Latvia.
The general contractor for the new phases is Capitalica Industries, a company within the Capitalica Asset Management group. The architectural design of the C and D buildings was developed by Latvian architecture firm Arhis Arhitekti. Construction supervision will be carried out by Baltic Construction Consultancy.
“Obtaining the building permit for such a large-scale project as the new phases of Verde in just three months is far more than a formal step in the construction process,” commented Capitalica Asset Management Chairman of the Board Andrius Barstis. “This significant milestone is a testament to our strong belief in Riga’s future as a modern and internationally competitive business center in the Baltic region. With the upcoming C and D buildings, we are raising the bar for the entire office segment, introducing modern sustainability and architectural solutions in Latvia. Designed to achieve the highest BREEAM Outstanding certification, these buildings will not merely provide A-class office space – they will create an inspiring environment that encourages people, empowers companies, and establishes the greenest business quarter in Latvia.”
Green light from Riga City: Capitalica Asset Management Begins Construction of Verde C and D
Today, 10 September, the Riga City Council’s City Development Department has issued a building permit to investment management company Capitalica Asset Management for the construction of the third and fourth phases of Riga’s greenest office complex – Verde – located at Hanzas ielā 14F. This means that already in September, the first stage of development will begin – the 1.1-hectare site will be fenced, and preparation and zero-cycle construction works will commence. More than EUR 70 million will be invested in the new C and D buildings, which are designed to meet the highest BREEAM Outstanding sustainability standards.
Andrius Barstis, Chairman of the Board of Capitalica Asset Management emphasizes: “Obtaining the building permit for such a large-scale project as the new phases of Verde in just three months is far more than a formal step in the construction process. This significant milestone is a testament to our strong belief in Riga’s future as a modern and internationally competitive business center in the Baltic region. With the upcoming C and D buildings, we are raising the bar for the entire office segment, introducing modern sustainability and architectural solutions in Latvia. Designed to achieve the highest BREEAM Outstanding certification, these buildings will not merely provide A-class office space – they will create an inspiring environment that encourages people, empowers companies, and establishes the greenest business quarter in Latvia.”
Capitalica Asset Management is majority-owned (70%) by SBA Group. The remaining 30% is held by Fox Holdings.