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The level of leased office and additional service space in Riga's greenest office complex, "Verde," has surpassed 90%, exceeding the forecast set for 2023. This achievement is attributed to recent agreements with four companies – biotechnology company "Roche Services & Solutions" (RSS), credit risk management company "IGK AG," cloud service company "Also Cloud," and dermatology clinic "Vividerm." Both strategic development processes of the complex – the leasing of remaining spaces and the completion of construction for the second (B) building – are progressing hand in hand and will be completed by spring 2024.

Iveta Lāce, Commercial Director of "Verde" and Board Member:  "The 90% occupancy of our leased office space is not only an excellent indicator for the industry but also a testament to the demand for our product even before its completion. Our agreements with new tenants are a great confirmation of this. Such leasing progress not only signifies the attractiveness of both 'Verde' buildings but is also a positive signal for the developer, 'Capitalica Asset Management,' to invest in sustainable projects in Latvia in the future."

The new tenants are a significant addition to the community of “Verde", enhancing the diversity of existing business sectors. The international biotechnology company "Roche Services & Solutions," whose relocation to "Verde" has been reported in the media earlier, plans to establish an office on the 3rd floor of the B building, covering an area of 1,531 square meters. The credit risk management company "IGK AG" will contribute to the diversity of financial sector tenants, with its office located on the 1st floor of the first building. Additionally, the cloud technology company "Also Cloud" will expand the IT tenant portfolio with its office spanning 358 square meters on the 5th floor of the first building.

Galina Seržante, CEO of "IGK AG”: "At 'IGK AG,' we assist our clients, primarily international companies, and financial service providers, in mitigating risks related to non-payment for their delivered goods or services. We mainly work with clients from the Baltic states, Eastern Europe, Central Asia, the Middle East, China, and Turkey. We are delighted that soon our office will be situated in the sustainable 'Verde' complex, which we chose for its excellent location, stylish buildings, and alignment with our 'green' values."

Jan Bogdanovič, Chief Technology Officer at "Also Cloud”: "Considering that 'Also Cloud' is the largest developer and operator of a Cloud Marketplace platform in Europe, it is crucial for us to provide the best working conditions for our employees. Therefore, we chose to establish our office in Riga's premier business centre – 'Verde' – to motivate our team to return to work on-site. The new design of 'Also Cloud' office will combine high-tech and natural contrasts, creating a start-up atmosphere and inspiring ideas about a circular economy and sustainability."

Less than 10% of space available for lease 

Currently, only 10% of the office space in the "Verde" office complex is available for lease, suitable for progressive and sustainability-focused companies. In the first building (A), potential tenants can choose between available spaces on the 3rd and 5th floors. In the B building, an office on the 10th floor with an exclusive view of the city is available.

Completion of B building construction is on track 

The progress of construction for the second (B) building, or the second phase, is following the plan set by the general contractor - "Capitalica Industries." The final stage of construction will commence shortly. Currently, underground parking, construction works for floors 0 and -1, and crane disassembly have been completed. The creation of green areas and stairs on the Hanzas Street side is finished, with landscaping scheduled for spring. Active work is ongoing to complete the fit-out of tenant offices, as well as painting and tiling in common areas.

As previously reported, "Verde" is the first project implemented by "Capitalica Asset Management" in Latvia, with an investment exceeding 65 million euros. "Capitalica Industries" is the general contractor for the project, and the exclusive leasing and property management partner is Latvia's leading real estate agency "Colliers." Currently, companies such as "Swisscom", "Decta", "KPMG Latvia", "Swetch", "Merito Group", "Workland", "Enefit", "VIA SMS Group”,  "Tietoevry”, "Dia 36.line", "Mollto", "IGK AG", "Also Cloud", "Vividerm” and "Roche Services & Solutions" have become tenants of the office complex.

About Verde

Verde (www.Verde.lv) is the greenest A-class office complex at the Skanstes area in Riga (R.Hirša Street 1a), the place opposite the Latvian Fire Fighting Museum, and the only A-class office complex the first stage of which was opened in the summer of 2022, and the second stage is scheduled for opening in the spring of 2024. The Verde office complex comprises two office buildings with a total leasable area of 30 000 m2 (45 000 m2 together with underground parking area). Verde has been developed in line with BREEAM Excellent and the nZEB (nearly Zero Energy Building) standards. The special feature of Verde will be incomparable greenery on 600 m2 large terraces with trees and plants on each of the buildings and green outdoor workspaces in the yard. Verde embodies its green thinking in a sustainable and contemporary architectural solution designed by Latvian architects Andris Kronbergs and Janis Zvejnieks (ARHIS Architects), applying Class A energy efficiency and smart building management solutions. SEB banka financed construction of the Verde office complex by granting a five-year loan of EUR 60 million to Capitalica Asset Management, a company of the project’s developer SBA Group. 

About Capitalica Asset Management and SBA Group

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 almost EUR 200 million. Capitalica Asset Management manages 4 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 - manages an office and warehouse complex on Žalgirio Street in Vilnius, where a new Class A business centre Sand Offices will be developed. Capitalica Green Logistics Fund owns 5 sustainable logistics buildings, three in Tallinn and two in Riga, and manages the new Capitalica European Office Fund.

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 2022 amounted to EUR 440 million. SBA Group is managing sites for development in Lielirbe and Čakstes streets.