Capitalica Asset Management acquires new land to expand the Verde office complex

The Lithuanian investment management company “Capitalica Asset Management”, the developer of Riga’s greenest office complex “Verde”, has made a strategic decision to expand its operations in the Latvian capital. The company plans to expand the existing “Verde” 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 “Verde” complex - between Hanzas Street and Gustava Kluča Street. The expansion project is planned to be implemented over the next couple of years, resulting in the “Verde” complex having a total leasable area of 50,000 square meters, making it the largest office campus in Latvia.

Andrius Barštys, Chairman of the Board of “Capitalica Asset Management”: “We feel that Riga needs “Verde” 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 – “Verde” is almost fully leased, with an occupancy rate of 92%.” 

The transaction by “Capitalica Asset Management” was carried out through the fund “Capitalica European Office Fund,” whose portfolio, in addition to the new territory in Riga, also includes an office building in the Lithuanian capital Vilnius, on Savanorių Street 18. Other details of the land acquisition deal have not been disclosed.

Fredis Bikovs, Director of the Riga Investment and Development Agency: "The sustainable and unique solutions of the “Verde” 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 “Capitalica Asset Management” decision to expand “Verde” 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!"

Following the strategy of “Capitalica Asset Management” 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 m². More detailed information about the new business centre project will be gradually revealed throughout 2024.

Iveta Lāce, Commercial Director and Board Member of the “Verde” office complex: “The number of tenants in the existing A and B buildings of the “Verde” complex is approaching maximum capacity, though there are still a few promising spaces available. Therefore, I believe that the new “Capitalica Asset Management” office project, which will be located next to the “Verde” 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.”

As previously reported, at the end of April 2024, “Capitalica Asset Management” completed the construction of the second phase, or B building, of Riga’s greenest office complex, “Verde”. The completion and opening of the building signify the full realization of the complex’s developer—Lithuanian investment management company “Capitalica Asset Management”—first project in Latvia, with investments exceeding 65 million euros. Tenants of “Verde” include companies such as “Tietoevry Latvia”, “Swisscom”, “Roche Services & Solutions”, “Vividerm”, “Merito Group”, “Indexo”, “Decta”, “KPMG Latvia”, “Swetch”, “Workland”, “Enefit”, “VIA SMS Group”, “IGK AG”, “Also Cloud”, “Moltto Coffee”, “Dia 36. Line”, “Marsh”, “Worldline” and others.

About Capitalica Asset Management 

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 Barštys 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, Žalgirio 135 business centre in Vilnius, Kauno Dokas business centre in Kaunas and Luizė 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.

SBA Group is one of Lithuania’s 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’s consolidated turnover in 2023 amounted to EUR 400 million. SBA Group is managing sites for development in Lielirbe and Čakstes streets.