Capitalica Asset Management, an investment management company, is launching the construction of two exclusive class A business centers, Verde, in Riga’s Skanste district. Notably, the construction begins with something unusual – not with heavy machinery set into motion, but with the company’s collaboration with a famous Latvian artist Kristine Luize Avotina. The fence surrounding the future business center’s area became a venue for the artist paintings’ exhibition – six of her works are on display here. In Latvia, this is the first case of cooperation between the real estate (RE) sector and someone from the arts’ world. Verde is expected to be completed in 2022.
“In our real estate projects we are guided by the sustainable investment standard from the conception of the idea to its implementation – we aim to contribute to sustainable cities of the future. Even the smallest details matter to us – not only what the office complex will look like and what message it will send, but also how it will be built, from artworks on the construction site’s fence to exceptional attention to energy sustainability,” says Andrius Barštys, the Head of Capitalica Asset Management.
Six works of art at the Verde construction site
Artist Kristine Luize Avotina is delighted that this project provides an opportunity for art to settle in an unconventional yet visible space.
“Works of art on a construction site fence are a great allusion to today’s interaction between people that no longer has walls. Social networking offers unique opportunities and teaches us to break certain boundaries. Some say it’s bad, and I think it’s wonderful,” she says about art in an unconventional space and reminds us that one of the ideas behind the new Verde Center concept is blurring the boundaries between different spheres of life.
According to her, for a person living in the fast-paced urban environment, the ticking clock and the constant rush seem to be their second nature. Only a few can afford the luxury of visiting art galleries and take time admiring the artwork therein.
“I was just fascinated by the idea of this project’s developers to share their ideas with the public, to express the uniqueness and philosophy of the future building, by choosing artwork. This creates significant added value not only for the future project but for the city as a whole. I am very lucky to be able to contribute to this with my creative work.
I love life, enjoy every minute of it and share important moments with the dearest people. Of course, life is not a never-ending party, there are some difficult moments, but in my creative work, I try to radiate precisely this emotion – the joy of life. I hope that my work will also touch passers-by,” adds the artist Kristine Luize Avotina, smiling.
Collaboration between artists and RE representatives should become an example to follow
Eriks Bergmans, one of the key managers of the Latvian division of Colliers International, a real estate consulting and management company, says he knows only a few examples of real estate developers and artists working together on common projects.
“Unfortunately, there are few of such examples, at least for the time being, and the fact that the developers of the Verde project together with an artist will give the city of Riga something very beautiful is very encouraging. I have no doubt that this fusion of artists and construction developers will become a tradition in the future. After all, Latvians have a deep sense of culture, and the work of our creators is also welcome in many different places,” says E. Bergmans.
When asked about the added value to the public of works of art exhibited in unexpected places, the expert asserts that art positively influences the human working environment.
“There must always be a person at the center of all real estate projects. Both inside and out. If the building art in the highest quality structures is well-combined with visual arts, the fusion creates a positive working environment for the people and they strive to achieve the best results,” says E. Bergmans.
Exceptional attention to the building itself and the philosophy of the entire complex
Construction of Verde is scheduled to begin later this year. According to A. Barštys, although the view of construction sites is not very pleasing to passers-by, Verde is guided by the principles of high quality and aesthetics from the moment the concept was born to its implementation, which is why the construction site is surrounded by the works of a famous Latvian artist. Hopefully, the works of art will bring up positive emotions in the citizens of Riga and visitors to the city and they will get an opportunity to take a closer look at this artist’s creations.
“We understand that construction often causes inconvenience, but we strive to minimize it. Not only do we do our best to contribute to sustainability, but we also try to clean the surrounding streets after heavy machinery movement around the construction site. If necessary, we will also take other measures to make sure residents are disturbed as little as possible” says A. Barštys.
The business center, which is set in a prestigious location in Riga, will not only have a special focus on green ideas, but also a philosophy that promotes sustainability. The ever-so-busy people of today will be offered a functional way to balance work and relaxation, discover new inspiring, relaxing, enjoyable interaction with the others and creativity-stimulating spaces.
It is planned to invest about 60 million euros in total into the area of 45 thousand square meters. Exclusive design Verde office complex of truly unique contemporary design is to be built according to BREEAM Excellent standard.
In addition to the project in Riga, Capitalica Baltic Real Estate Fund I also manage the Kaunas Dokas business center in Kaunas, the Luizė shopping center in Klaipėda and the 135 business center in Vilnius. Among other investors, pension funds managed by INVL Asset Management and the insurance company Bonum Publicum invested in Capitalica Baltic Real Estate Fund I at the end of last year as well as this year.
Capitalica Asset Management, which is in charge of Capitalica Baltic Real Estate Fund I, manages commercial real estate in the Baltic States. The investment management company was established in 2016. The majority stake in Capitalica Asset Management (80%) is owned by one of the largest Lithuanian capital business groups, SBA, and 20% belong to A. Barštys’ company Fox Holdings.