Capitalica Asset Management launches construction of Verde C and D in Riga

Capitalica Asset Management, a major Baltic-based investment management company specialising in sustainable commercial real estate, has decided not to stop at the two existing office buildings in Riga. The company is moving decisively forward with the development of two additional buildings, allowing Verde to evolve from Riga’s greenest office complex into a fully-fledged business district over the coming years.

It is worth noting that Capitalica Asset Management received the building permit from Riga City Council in September 2025 to commence construction of the third and fourth phases of Verde. Granted at an unusually fast pace, the permit was secured in a record three months, enabling construction works to begin immediately. The approval for the new Verde C and D buildings at Hanzas iela 14F marks a major milestone for one of Riga’s most ambitious sustainable real estate projects. 

“Obtaining a building permit for a project of this scale in just three months is far more than a procedural achievement. It is a clear signal of belief in Riga as a forward-looking business centre,” Andrius Barstys, Chairman of the Board of Capitalica Asset Management, told The Baltic Times Magazine.

As of December, intensive groundwork is underway at the site. A total of 700 piles have already been installed, representing approximately 85% of the total required. Construction of Berlin-type retaining walls and Larssen sheet pile walls is in progress, alongside ongoing earthworks and preparations for the first concrete pours. The installation of the first tower crane marks a visible new phase in the project’s development.

More than 70 million euro will be invested in the development of the two new buildings, which are designed to meet the highest BREEAM Outstanding sustainability standards. Once completed, Verde C and D will further strengthen Riga’s position as a modern, competitive business hub in the Baltic region.

In early December, Capitalica Asset Management signed a development loan agreement with Latvia’s Rietumu bank – the 19 million loan is designated for the construction of Building C of the Verde project. Total planned investment into the newly constructed C and D buildings will exceed 70 million euros.

“Securing construction financing at such an early stage – when an office building has not yet signed any tenants – is a remarkable achievement. Agreements of this kind are extremely rare in the Baltic region. I am confident that Rietumu bank’s trust only further proves the exceptional nature of the “Verde” project, its strong market reputation, and the clear demand for it in Riga,” says Gintaras Tolocka, Fund Manager at Capitalica Asset Management.

Through its Capitalica European Office Fund, the company develops and manages modern, A-class office projects across the Baltics, focusing on long-term value creation, strong returns, and environmentally responsible design.

With Verde C and D, Capitalica aims to raise the bar for the entire office market in Latvia by combining advanced sustainability solutions with high-quality architecture. 

The new phases will expand the Verde complex by 37,000 square metres, including 22,500 square metres of leasable A-class office space. The development is expected to accommodate around 2,500 new jobs, reinforcing Verde’s role as one of Riga’s most modern and sustainable business districts. Construction of the third phase is scheduled for completion in the second quarter of 2027, with the fourth phase following in the second quarter of 2028.

When all phases of Verde are completed, the complex will offer more than 50,000 square metres of A-class office space for up to 5,500 professionals. Total investment in the project is expected to reach approximately 150 million euro, positioning Verde as the greenest business district in Latvia.

Sustainability remains at the core of the Verde concept. The new buildings will feature 3,000 square metres of rooftop gardens designed to promote biodiversity, improve employee well-being, and offer panoramic views of Riga. Rooftop solar parks will further enhance energy efficiency. In parallel, two historic buildings located on the site – part of Riga’s UNESCO-listed centre – will be carefully restored and integrated into the modern complex, preserving their architectural and cultural value while enriching Verde’s identity.

The general contractor is Capitalica Industries. Architectural design for Verde C and D is developed by Latvian firm ARHIS ARHITEKTI under the leadership of architect Janis Zvejnieks, with construction supervision provided by Baltic Construction Consultancy.  

Office space in Verde C and D is already available for lease, with flexible options ranging from 100 to 2,000 square metres per floor or across multiple levels. Tenants can tailor layouts to their needs, choosing from open-plan, individual, or hybrid workspace solutions. Leasing is managed by Colliers Baltics.

Capitalica Asset Management is also inviting new investors to participate in the project through the Capitalica European Office Fund. With a minimum investment of 125,000 euro and an expected annual return of 12–15 percent, the Verde development offers an opportunity to invest in a future-oriented, sustainable real estate project at the heart of Riga’s evolving business landscape.