Rietumu Banka has issued a 19 million euro loan for the further development of the Verde business quarter (1 R. Hirša Street, Riga), which provides for the construction of a new C building in addition to the two existing ones, where the office premises are already fully leased. The new development phase of Verde is expected to be completed in the 2nd quarter of 2027. Verde is being developed by the investment management company Capitalica Asset Management, a unit of SBA Group.
This September, Verde received a building permit for the further development of the complex in Riga in a record short time – just three months. The project is being developed in line with the highest sustainability standards in accordance with the international BREEAM Outstanding (building sustainability and energy efficiency assessment standard) requirements.
“Securing financing at such an early stage of development – when, for this third office building, lease agreements have not yet been signed – is an outstanding achievement. Agreements of this kind are very rare in the Baltic region. I am convinced that the trust of Rietumu Banka further confirms the excellence of the Verde project, its reputation in the market, and the clearly visible demand for the development of such premises in Riga,” says Capitalica Asset Management fund manager Gintaras Toločka.
“Verde is one of the most successful new office projects in Riga, and its achievements to date allow us to finance its further development at an early project stage, that is, before tenants are attracted. In many respects, Verde has become a symbol of the new progress of Latvia’s economy. The project has proven that with a high-quality and well-designed product it is possible to reach 100% office occupancy in Riga in a very short time, and we have no doubt that the new development phase will be just as successful. For the bank this is a valuable long-term investment in our lending portfolio, which increasingly includes promising real estate development projects,” notes Rietumu Banka Management Board member and Head of the Lending Department Artūrs Jukšs.
At present, two buildings – A and B – are operating in the Verde business quarter, with a total area of 45,000 m², and 27 international and local companies are already working there.
Within the next development phase, the C and D buildings will expand the complex by an additional 37,000 m², of which 22,500 m² will be leasable Class A office space, creating approximately 2,500 new jobs. Completion of construction of the C building is planned for the 2nd quarter of 2027. Construction of the D building is scheduled to start next year and be completed in the 2nd quarter of 2028. The project is being implemented by Capitalica European Office Fund.
After all development phases are completed, Verde will provide more than 50,000 m² of Class A leasable office space in the center of Riga, designed for 5,500 employees, while total project investment will reach approximately 150 million euros.
Originally published at https://inc-baltics.com/biroju-kompleksa-verde-turpmakai-attistibai-pieskir-19-miljonu-aizdevumu/
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