Capitalica Asset Management invests 50 mln. euros to the development of business centers in Riga

Lithuanian investment management company Capitalica Asset Management has acquired a 1.3-hectare site in Skanste neighborhood of Riga, nearby the city centre and plans to develop two business centers there. It is expected to open business centers in 2021. Capitalica Asset Management will invest more than 50 mln. euro to the project.

It is planned that the gross building area including the underground garage will amount to around 45 thousand square meters. Considering the location of buildings, architectural and interior solutions and technical parameters it is decided that business centers will be of Class A.

“The strategy of our fund is to invest in the major cities of the Baltic States. We have noticed that Riga lacks of new and modern offices. The decision was also influenced by the fact that the municipality of Riga plans to invest in the infrastructure of Skanste street, i. e. it is planned to construct a tram line, which will undoubtedly further increase the attractiveness of the neighborhood for foreign and local capital companies. We believe that this neighborhood may become the central business area”, – comments General Manager of Capitalica Asset Management Andrius Barštys.

The investment management company Capitalica Asset Management manages three objects in Lithuania. The Business Center Kauno Dokas in Kaunas is the first business center in Lithuania cooled down with the river water; currently the second stage of the development of the center is being implemented, after which the total area of the building will reach about 17 thousand square meters. In Vilnius, Capitalica Asset Management manages the Business Center 135 which has the the BREEAM Certificate with an area of almost 7.3 thousand square meters, and in Klaipėda – the supermarket Luizė, with a gross building area that exceeds 6 thousand square meters.

The investment management company Capitalica Asset Management was established in May, 2016. The company specializes in the field of management of commercial real estate in the Baltic States. 80% of shares of UAB Capitalica Asset Management are owned by Koncernas SBA, 20% – owned by the company of A. Barštys UAB Fox Holdings.