Capitalica Asset Management launches Verde expansion – investing over 70 million euros to build the greenest business district in Latvia

Capitalica Asset Management, a licensed investment management company, is reinforcing its long-term growth strategy in Latvia by investing over 70 million euros into the development of the third and fourth stages of the Verde office complex – buildings C and D (in Riga, Hanzas iela 14F). This phase is led by the Capitalica European Office Fund, which specializes in sustainable office projects across the Baltics. On 10 June of this year, approval for the minimal composition project was received from the Urban Development Department of the Riga City Council.

Andrius Barštys, Chairman of the Board of Capitalica Asset Management: “Verde is our long-term vision of a sustainable, human-centric and future-ready office complex at the gateway to Riga's emerging business district in Skanste. A place where modern architecture, nature and vibrant business come together. The full leasing of our first two buildings in just three years speaks volumes – hosting 27 forward-looking international and local companies, Verde has proven the strength of our concept: A-class offices in a prime location, infused with a green mindset. It also highlights the resilience and potential of Riga’s real estate market. Now we are taking the next step – expanding with two new buildings that will strengthen Verde’s leadership in Rigas’s office segment and transform it into the greenest business district in Latvia.”

Once complete, Verde will solidify its status as Latvia’s greenest business district, offering a total of more than 50,000 m² of A-class leasable office space and supporting a modern work environment for up to 5,500 professionals. The total investment in Verde across all development phases will amount to approximately 150 million euros.

Buildings C and D will add 37,000 m² of new space to the Verde complex, including 22,500 m² of A-class leasable office area. Developed on a 1.1-hectare site, each building will span six above-ground floors and include an underground parking facility for 250 vehicles, along with more than 100 bicycle parking spaces. These additions are expected to generate over 2,500 new workplaces, further strengthening Verde’s position as one of the most attractive and functional business districts in Riga.

Sustainability will remain one of Verde’s core priorities going forward.

Both buildings will feature rooftop gardens with a total area of 3,000 m² – green oases offering panoramic views of the landscaped courtyard between Verde buildings A and B, as well as Riga’s historic and Quiet Centre. These gardens will promote urban biodiversity and enhance employee well-being. In addition, rooftop solar panel installations will contribute to increased energy efficiency. The construction of both buildings is planned in accordance with the highest BREEAM sustainability certification standards.

In parallel, there are plans to restore two historic buildings located within the development site - part of the UNESCO-listed Historic Centre of Riga. These restorations aim to preserve each building’s original character while introducing new functional uses that complement the district’s contemporary vision and enrich the area’s architectural and cultural value.

Two new buildings – available for lease today

Office spaces from 100 to 2,000+ m² are available for pre-lease, with options for open-plan, individual office, or hybrid layouts. Spaces can be customized with quiet zones, kitchens, meeting rooms, and relaxation areas tailored to each tenant’s needs and company culture.

Strategic partners

The architectural concept is developed by award-winning architects Andris Kronbergs and Jānis Zvejnieks from ARHIS Architects. The general contractor is Capitalica Industries, a Capitalica Asset Management group company, which successfully delivered Verde B. The exclusive leasing partner for the new development stages is Colliers Baltics.

Development Timeline

The development of the third and fourth phases of Verde began in August 2024 with the acquisition of the land designated for the upcoming stages. On 10 June 2025, the Urban Development Department of the Riga City Council approved the minimal composition project. The building permit is expected to be issued, and construction works are scheduled to begin by the end of this summer. Construction of Building C is planned to be completed by December 2026, with tenant move-in expected in March 2027. Building D is scheduled to be commissioned by the end of 2027, enabling tenant move-in to begin in May 2028.

Investment opportunities

As part of the development of buildings C and D, Capitalica Asset Management is open to cooperation with new investment partners. Investors can join the Capitalica European Office Fund with a minimum investment of EUR 125,000 and benefit from an expected annual return of 12–15%. By taking advantage of this investment opportunity, investors become part of a strategically important, future-oriented project. It is an opportunity to invest in high-quality, sustainable, and professionally managed real estate development – a project driven by long-term vision and proven expertise.

About Capitalica Asset Management and SBA Group

UAB Capitalica Asset Management (www.capitalica.lt) is a licensed investment management company supervised by the Bank of Lithuania, with its bonds listed on the Nasdaq exchange. Capitalica Asset Management manages investment funds focused on commercial real estate and private debt instruments in the Baltic region:

- Capitalica Baltic Real Estate Fund I owns the Verde office complex in Riga, the 135 business center in Vilnius, the Kauno Dokas business center in Kaunas, and the Luizė shopping center in Klaipėda.

- Capitalica Z114 Real Estate Fund owns the newly developed A-class business center Sand Offices in Vilnius.

- Capitalica Green Logistics Fund currently owns six green-concept logistics complexes – four in Tallinn and two in Riga.

- Capitalica European Office Fund develops and acquires modern office buildings. The fund owns the S18 office building in Vilnius and is developing the Verde C and D office buildings in Riga.

- Capitalica Debt Fund is a bond fund investing in high-yield corporate bonds across the Baltic region and other European countries.

Capitalica Asset Management is majority-owned (70%) by SBA Group, one of the largest Lithuanian-owned business groups. The remaining 30% is held by A. Barštys’ company Fox Holdings.