Press release, 2025 9 May, Vilnius
SEB Banks in Lithuania and Latvia have agreed with asset management company Capitalica Asset Management on another round of financing – an additional EUR 13 million to redeem bonds issues managed by Capitalica Baltic Real Estate Fund I. Including this latest loan, the amount of financing provided by SEB for all funds and projects managed by Capitalica exceeds EUR 100 million.
“Given the current dynamics of the financial markets, we assess that bank financing may currently be a more viable alternative for long term commercial real estate projects. It allows for more efficient risk management, maintains investor confidence and ensures smooth project implementation. Although the office segment in the Baltics is showing some signs of slowdown, high-quality projects in strategically attractive locations remain in demand and profitable,” says Ints Krasts, Member of the Board and Head of Corporate Banking Division at SEB Latvia.
According to him, the occupancy rates of the Verde business centre managed by Capitalica Baltic Real Estate Fund I show that Riga needs high quality buildings, with all the space being leased. The investment company’s properties in Vilnius and Kaunas also have high overall occupancy rates.
SEB bank financing will be directed to three companies managed by Capitalica Baltic Real Estate Fund I: Verslo centras 135, Žaliakalnio parkas and Hanza 14. Half of the loan will finance SEB Bank’s client’s projects in Vilnius and Kaunas and half will finance an office building in Riga. Krasts emphasises that the companies managed by the client focus on high-quality commercial real estate, BREEAM-certified buildings.
“Our long-standing partnership with the bank allows us to smoothly complete the strategic phase and fulfil our commitments to investors. This is yet another step in proving our transparency and credibility by maintaining high liquidity, even in a period of geopolitical uncertainty, opening up excellent prospects for investing in commercial real estate and continuing to offer long-term growth in returns to shareholders,” says Andrius Barštys, Chairman of the Board of the SBA Group Investment Management Company and Fund Manager of Capitalica Baltic Real Estate Fund I.
Previously, SEB Bank provided EUR 60 million in financing to Capitalica Asset Management for the construction of the environmentally friendly office complex “Verde” in the Skanste business district. The loan was granted not only for the construction of the building but also for the redemption of bonds issued by Capitalica Baltic Real Estate Fund I, which had been previously issued through a private placement for the same purpose.
The new financing deal will allow the investment company to redeem the last two bond issues totaling EUR 13 million earlier. The EUR 8 million bond is due for redemption on 30 October 2025 and the EUR 5 million bond is due for redemption on 7 February 2026.
About Capitalica Asset Management and SBA Group
Capitalica Asset Management (www.capitalica.lt) is an investment management company licensed and supervised by the Central Bank of Lithuania and listed on the Nasdaq Stock Exchange. Capitalica Asset Management manages investment funds investing in commercial real estate and private debt instruments in the Baltic States:
– Capitalica Baltic Real Estate Fund I owns the office complex Verde in Riga, the business centre 135 in Vilnius, the business centre Kauno dokas in Kaunas and the shopping centre Luizė in Klaipėda.
– Capitalica Z114 Real Estate Fund owns the new Class A business centre Sand Offices in Vilnius.
– Capitalica Green Logistics Fund currently owns five green logistics complexes, three in Tallinn and two in Riga.
– Capitalica European Office Fund develops modern office buildings. One of them is Verde complex of C and D buildings.
– Capitalica Debt Fund is a debt fund investing into high-yield corporate bonds in the Baltic region and other European countries.
Capitalica Asset Management is majority-owned (70%) by SBA Group and the remaining 30% by Fox Holdings, a company owned by A. Barštys. SBA is one of the largest Lithuanian business groups. It owns more than 30 companies operating in real estate, furniture manufacturing, textile manufacturing and investment management. The group employs around 3 500 people.
