Investment and real estate development company InCity Capital has reached an agreement with Latvia's leading investment bank, Signet Bank, for EUR 5.2 million in financing. This funding will support the development of a new residential building project, “Jūras Skati,” located directly on the coast of Jurmala.
The “Jūras Skati” project is InCity Capital’s response to current market conditions — a lack of affordable, quality housing for local residents in coastal areas. Most existing projects target the luxury segment, leaving the needs of local households in the background.
“Jūras Skati” combines three key elements — infrastructure, an excellent location, and accessibility. The apartments will feature thoughtfully designed shared spaces, including a spacious lobby and a terrace with a sea view — the only terrace of its kind in Jurmala.
“We are pleased with the successful collaboration with Signet Bank. This financing is a significant step in the project’s development, and it is important to us that our partner shares a similar vision for the future of real estate development,” said Mihails Petrišins, CEO of InCity Capital.
As a financial partner with a strategic outlook, Signet Bank offers structured solutions for developers and investors. This cooperation reflects the long-term vision and commitment of both parties to sustainable development.
“Signet Bank’s focus is on creating an environment where local companies and entrepreneurs can grow, develop new projects, and generate lasting value for society. By combining strategic capital market and corporate lending solutions, we help bring business growth stories to life, contributing to the sustainable development of the economy. We are pleased to collaborate with InCity Capital and to support a project that enhances the availability of quality housing for Latvian residents,” commented Roberts Idelsons, Chairman of the Board at Signet Bank.
Construction is already underway, and thanks to the allocated financing, InCity Capital can proceed without delay. The first residential units are scheduled to be completed and ready for occupancy in spring/summer 2026.
“We want to ensure that local families and households have the opportunity to purchase a home in Jurmala’s coastal area without compromising the sense of quality and comfort offered by a thoughtfully designed environment,” added an InCity Capital representative.
About InCity Capital
www.incitycapital.lv
InCity Capital is a real estate development company focused on sustainable, well-structured projects based on strong teamwork and a long-term vision.
About Signet Bank
www.signetbank.lv
Signet Bank is Latvia’s leading investment bank, established in 1991 and one of the first banks in independent Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and businesses. Since 2021, Signet Bank has raised more than EUR 1 billion in additional financing for over 50 Latvian companies through bond and equity issues. In 2024, the bank’s assets under management reached EUR 1.6 billion. Signet Bank is the leading organizer of corporate bond and equity issues in Latvia and one of the top exchange brokers in the Baltics. The bank’s shareholders include 18 Latvian and international private investors. The largest among them are Signet Acquisition III (23%), solely owned by U.S. investor Alexander Solovey; AS “RIT Group” (18%), a Latvian company owned by the Rapoport family; and SIA “Reglink” (15%), founded by banking professional Irīna Pīgozne.
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