NORDSPACE secures EUR 1.2 million financing from Signet Bank for the development of smart storage facilities in Riga

SIA Nordspace-Jurkalnes has secured EUR 1.2 million in financing from Signet Bank to implement the second phase of the smart storage complex development at Jūrkalnes Street 62, Riga. As part of the project, a new building with a total area of 1,786 m2 will be constructed adjacent to the existing facilities.

NORDSPACE provides smart business spaces for work, entrepreneurship and hobbies, combining storage, production and office functions in a single location. The premises are equipped with water, sewage and electricity connections, as well as remote management capabilities, including door access and alarm system control via a mobile application. NORDSPACE currently operates in Riga and Piņķi, Vilnius, Kaunas, Klaipeda and Panevežys, as well as in Warsaw.

“Businesses’ needs for commercial premises vary depending on their sector; however, demand remains particularly strong for compact industrial and storage facilities. With the industrial park and warehouse segment maintaining stability, the second phase of the “Jūrkalne” business park development is a logical and strategically justified step,” says Mindaugas Butnorius, co-owner of NORDSPACE.

“NORDSPACE has established a successful business model that has already demonstrated its competitiveness across several Baltic markets and in Poland. We highly value the company’s ability to identify market demand and consistently execute its growth plans. Through this financing, we are supporting the next stage of development, which will contribute to the company’s growth and improve access to high-quality business infrastructure in Latvia,” says Ineta Done, Member of the Management Board at Signet Bank.

About NORDSPACE

NORDSPACE has already completed 13 projects across Latvia, Lithuania and Poland, with a total developed area of 38,500 m2, strengthening its position in the region as one of the leading developers of smart and compact business spaces.

About Signet Bank:

Signet Bank is Latvia’s leading investment bank. Founded in 1991, it is one of the first banks established following the restoration of Latvia’s independence. Signet Bank provides sustainable financing and investment solutions to local entrepreneurs and businesses. Since 2021, Signet Bank has helped more than 50 Latvian companies raise over EUR 1 billion through bond and equity issuances, while providing an additional EUR 500 million in new lending transactions. In 2025, assets under management reached EUR 1.7 billion. Signet Bank is the leading arranger of corporate bond and equity issuances in Latvia and one of the leading stockbrokers in the Baltic region. The Bank’s shareholders include 47 Latvian and international private investors. The largest shareholders are Signet Acquisition III (20.4%), wholly owned by U.S. investor Alexander Solovey; SIA Reglink (9.6%), founded by banking professional Irīna Pīgozne; and AS RIT Group (9.4%), a Latvian company owned by the Rapoport family.