{"id":5286,"date":"2024-08-21T09:47:59","date_gmt":"2024-08-21T09:47:59","guid":{"rendered":"https:\/\/capitalica.lt\/?p=5286"},"modified":"2024-08-21T09:48:03","modified_gmt":"2024-08-21T09:48:03","slug":"capitalica-asset-management-acquires-new-land-to-expand-the-verde-office-complex","status":"publish","type":"post","link":"https:\/\/capitalica.lt\/en\/capitalica-asset-management-acquires-new-land-to-expand-the-verde-office-complex\/","title":{"rendered":"“Capitalica Asset Management” acquires new land to expand the “Verde” office complex"},"content":{"rendered":"\n
Information for mass media 20 August, 2024<\/p>\n\n\n\n
The Lithuanian investment management company \u201cCapitalica Asset Management\u201d, the developer of Riga\u2019s greenest office complex \u201cVerde\u201d, has made a strategic decision to expand its operations in the Latvian capital. The company plans to expand the existing \u201cVerde\u201d office complex by constructing several new Class A office buildings with a total leasable area of 20,000 square meters. To facilitate this, the company has already acquired a territory with a total area of 1.1 hectares, located right next to the existing \u201cVerde\u201d complex – between Hanzas Street and Gustava Klu\u010da Street. The expansion project is planned to be implemented over the next couple of years, resulting in the \u201cVerde\u201d complex having a total leasable area of 50,000 square meters, making it the largest office campus in Latvia.<\/strong><\/p>\n\n\n\n
Andrius Bar\u0161tys, Chairman of the Board of \u201cCapitalica Asset Management\u201d: <\/strong>\u201cWe feel that Riga needs \u201cVerde\u201d to be expanded, so without hesitation, we decided to invest in the development of new buildings in the Skanste business district, located very close to Riga’s city centre. Four years ago, we began constructing the ‘Verde’ office complex here. The first phase was opened in the summer of 2022, and the second phase was completed in the spring of 2024. This was the first and highly successful project developed by ‘Capitalica Asset Management’ in the Latvian capital. The two eleven-story Class A buildings were implemented according to the highest sustainability and energy efficiency standards, making it the greenest office complex in Riga. We believe, the demand for modern and high-quality offices in the Latvian capital is there \u2013 \u201cVerde\u201d is almost fully leased, with an occupancy rate of 92%.\u201d<\/p>\n\n\n\n
The transaction by \u201cCapitalica Asset Management\u201d was carried out through the fund \u201cCapitalica European Office Fund,\u201d whose portfolio, in addition to the new territory in Riga, also includes an office building in the Lithuanian capital Vilnius, on Savanori\u0173 Street 18. Other details of the land acquisition deal have not been disclosed.<\/p>\n\n\n\n
Fredis Bikovs, Director of the Riga Investment and Development Agency<\/strong>: “The sustainable and unique solutions of the \u201cVerde\u201d office complex are an innovation in the Baltics, attracting both local and international companies. World-class office spaces are one of the most critical criteria for investors, so we are pleased with \u201cCapitalica Asset Management\u201d decision to expand \u201cVerde\u201d complex even more, which confirms the demand for modern and simultaneously sustainable office spaces. We are delighted that Riga can offer competitive conditions and a favourable business environment for further development!”<\/p>\n\n\n\n
Following the strategy of \u201cCapitalica Asset Management\u201d to develop sustainable and energy-efficient offices only, the new office centre investment project will also adhere to these company values. The newly acquired area is planned to host several A-class buildings with a total leasable area of 20,000 m\u00b2. More detailed information about the new business centre project will be gradually revealed throughout 2024.<\/p>\n\n\n\n
Iveta L\u0101ce, Commercial Director and Board Member of the \u201cVerde\u201d office complex<\/strong>: \u201cThe number of tenants in the existing A and B buildings of the \u201cVerde\u201d complex is approaching maximum capacity, though there are still a few promising spaces available. Therefore, I believe that the new \u201cCapitalica Asset Management\u201d office project, which will be located next to the \u201cVerde\u201d complex, will be a logical continuation of this business district and will also be in demand among local and international companies which value an excellent location in the city center, truly beautiful architecture, a pleasant environment, as well as the developer’s reputation and the community of other tenants.\u201d<\/p>\n\n\n\n
As previously reported, at the end of April 2024, \u201cCapitalica Asset Management\u201d completed the construction of the second phase, or B building, of Riga\u2019s greenest office complex, \u201cVerde\u201d. The completion and opening of the building signify the full realization of the complex\u2019s developer\u2014Lithuanian investment management company \u201cCapitalica Asset Management\u201d\u2014first project in Latvia, with investments exceeding 65 million euros. Tenants of \u201cVerde\u201d include companies such as \u201cTietoevry Latvia\u201d, \u201cSwisscom\u201d, \u201cRoche Services & Solutions\u201d, \u201cVividerm\u201d, \u201cMerito Group\u201d, \u201cIndexo\u201d, \u201cDecta\u201d, \u201cKPMG Latvia\u201d, \u201cSwetch\u201d, \u201cWorkland\u201d, \u201cEnefit\u201d, \u201cVIA SMS Group\u201d, \u201cIGK AG\u201d, \u201cAlso Cloud\u201d, \u201cMoltto Coffee\u201d, \u201cDia 36. Line\u201d, \u201cMarsh\u201d, \u201cWorldline\u201d and others.<\/p>\n\n\n\n
About Capitalica Asset Management<\/strong><\/p>\n\n\n\n
Capitalica Asset Management (www.capitalica.lt) is an investment management company licensed and supervised by the Bank of Lithuania and is managing investment funds investing in commercial real estate in the Baltic States. The company is majority-owned by SBA (70%), one of Lithuania’s largest business groups, and Andrius Bar\u0161tys company Fox Holdings (30%). The company’s bonds are listed on Nasdaq and the total assets under management currently amount to EUR 219 million. Capitalica Asset Management manages 5 funds. Capitalica Baltic Real Estate Fund I owns 4 properties: the Verde office complex in Riga, \u017dalgirio 135 business centre in Vilnius, Kauno Dokas business centre in Kaunas and Luiz\u0117 shopping centre in Klaipeda. Capitalica Z114 Real Estate Fund – developing Sand Offices project in Vilnius, Capitalica Green Logistics Fund owns 5 sustainable logistics buildings, three in Tallinn and two in Riga. Additionally, Capitalica manages the new Capitalica European Office Fund that invests in office properties and Capitalica Debt Fund which participates in private debt financing.<\/p>\n\n\n\n
SBA Group is one of Lithuania\u2019s largest multi-industrial business groups involved in real estate, investment management, furniture manufacturing and apparel manufacturing business, with approximately 3,500 employees in the Baltic countries. The Group\u2019s consolidated turnover in 2023 amounted to EUR 400 million. SBA Group is managing sites for development in Lielirbe and \u010cakstes streets.<\/p>\n\n\n\n
For additional information:<\/strong><\/p>\n\n\n\n
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