SBA Group’s investment management company Capitalica Asset Management has announced it signed a EUR 19 million development loan agreement with Rietumu Bank for the construction of Building C of the Verde project in Riga.
According to the company, the total planned investment into the newly constructed C and D buildings will exceed EUR 70 million.
As reported by CEE Real Estate Matters on September 11, 2025, Capitalica Asset Management received a building permit for the construction of the third and fourth phases of the Verde office complex a few months ago, with the C and D buildings set to 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.
“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,” commented Capitalica Asset Management Fund Manager Gintaras Tolocka. “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.”
“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,” added Rietumu Bank Member of the Management Board and Head of Lending Arturs Jukss. “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.”
Image source: verde.lv