Capitalica Capitalica Asset Management +370 612 90001 [email protected]

Construction of Verde’s greenest office center in Riga has begun

Construction of a unique green concept office complex Verde is commencing – a construction site is being installed on a land plot in the Skanste district of Riga. With an investment of more than EUR 65 million in two years, about 2,000 people are going to work in modern offices with an area of 45 thousand square metres.


“We have received the construction permit to start the construction of the complex according to the agreed project, the works on the land plot were started as planned – in November 2020. We are implementing the project after a detailed analysis of the impact of the Covid-19 virus and quarantine on the economy and the Riga office market. Our analysis shows that the pandemic will not have a significant long-term impact on the office market – in the coming years there will remain high demand for a new generation of modern A-class offices where international and national Latvian companies could be located,” commented Andrius Barštys, General Manager of Capitalica Asset Management, a Lithuanian SBA group company developing the project.


According to him, the exclusive Verde project has united the forces of Lithuanian investors and the best Latvian specialists. The project was created by one of the most famous Latvian architects Andris Kronbergs, and will be implemented by one of the largest Latvian construction companies Velve.


The Latvia-registered building contractor Velve, which won the tender, has already started the installation of the construction site, mobilized the necessary equipment, and installed the necessary premises for the workers. Test piles are being installed, and pile driving works are being carried out. It is planned to dig a foundation pit by summer, to carry out all underground fixing works, to install communications and start the work on the building structures.


“After signing the general construction agreement in October, we promptly mobilized construction project managers, the necessary specialists and equipment so that we could implement the work according to the set schedule. We plan to involve as many suppliers of various materials, equipment and services from Latvia as possible in the implementation of the project,” says Kaspars Rokens, Chairman of the Board of Velve.


The building is designed on a 1.3-hectare land plot, at the intersection between the centre of Riga, famous for Art Nouveau-style and protected by UNESCO, and the new Riga. Architect Kronbergs is convinced that the unique Verde business center has great potential to become a magnet for the Skanste district of Riga, which in a few years will attract other business center developers to the area.


“We are in high demand for our Green A Class project and are currently negotiating long-term leases with international and local capital companies. We plan to sign the first long-term contracts in the first half of next year,” said Barštys. The installation of the selected premises according to the needs of the lessees will start in October 2021. It is projected that more than half of the lessees will be international companies actively looking for sustainable, environmentally friendly, energy-efficient offices tailored to the needs of the new generation of employees.


Verde will be one of the largest business centers in the Latvian capital. Its area, including underground parking, will reach 45 thousand square meters.


International sustainability experts, having assessed the complex at the design stage, have awarded the BREEAM “Excellent” certificate to it, which indicates that the Verde will be built in accordance with the highest sustainability standards. The buildings will have innovative engineering systems, such as raised floors and a modern chilled beam system for cooling. Fifth floors of both of the buildings of the complex will house green terraces. The project will use renewable energy sources that meet the high requirements for a modern building, the complex will meet the NZEB standard for near-zero energy buildings.


The European Investment Bank (EIB) has provided a EUR 22 million loan for the construction of the Verde green office complex, with funding from the investment package to combat climate change. The project is also financed by commercial banks and the real estate fund Capitalica Baltic Real Estate Fund I.


The construction company Velve, which belongs to the MN Holding Group, is the third-largest construction company in Latvia and one of the largest companies in this sector in the Baltic States. The company has implemented over 250 major construction projects: shopping malls, industrial plants, hotels, public buildings and residential buildings.


SBA Group company Capitalica Asset Management, which manages commercial real estate in the Baltic States, manages the real estate fund Capitalica Baltic Real Estate Fund I. This fund includes the business center “135” in Vilnius, the business center “Kauno dokas” in Kaunas, and the shopping center “Luizė” located in Klaipėda. According to the audited data, in 2019, Capitalica Baltic Real Estate Fund I made EUR 4.4 million in profits. The controlling shares (70%) of the company Capitalica Asset Management, established in 2016, belongs to one of the largest Lithuanian capital business groups SBA, another 30% of the shares belong to Mr Barštys’s company Fox Holdings.


More information:

Andrius Barštys

CEO of Capitalica Asset Management“

[email protected]

+370 612 30260

This site is registered on as a development site.