SEB Bank is funding 60 mln. euros for the development of Capitalica’s office complex Verde in Riga

SEB Bank financed the construction of the greenest office complex Verde in the Skanstes business district of the Latvian capital. Capitalica Asset Management, the investment management company of SBA Group - which is implementing the project - has been granted a loan amounting to 60 mln. euros for a period of five years.

Andrius Barštys, CEO of Capitalica Asset Management, says: “The loan was given not only for construction of the building but also for redeeming the outstanding bonds of Capitalica Baltic Real Estate Fund I which were previously issued via private placement for the same purpose. We have been cooperating with the SEB Bank since the establishment of our company, and the conditions offered by the bank’s branch in Latvia were the most favourable”. 

Ints Krasts, Member of the Management Board of SEB Bank, says: “Real estate in the European Union generates approximately 36% of total CO2 emissions, which is why banks, investors, and tenants pay more attention to the implementation of sustainability principles, energy efficiency, and property certification. “Verde” office complex is one of the examples of sustainable architecture, how to ensure both the building's energy efficiency and to create a productivity-enhancing environment with well-thought-out solutions”.

Currently, the construction of the first "Verde" A building is nearing completion. It is planned that the first tenants will move into the office complex this summer - 75% of the "Verde" A building has already been leased. The exclusive rental partner of "Verde" is "Colliers".

Construction of the second building takes place under a schedule provided by the company. Construction of the ground floors connecting the two buildings, including an underground car park, has already been started since last summer. Like the first building, the second one will have 11 floors, a terrace covering 600 sq.m with abundant greenery, and working places outside. At present, the reinforced concrete structures of the building have already been installed, and the facade works are being started. The estimated date of commissioning of the entire office complex is set for mid-2023. 

“We are extremely proud of being the founders of the greenest office in Riga. Verde qualifies for nZEB – a “nearly zero-energy building” and is built in accordance with the criteria of the BREEAM certification system – at the BREEAM “Excellent" level. We believe that Verde will not only contribute to the development of a modern Skanstes business district, but also will attract more investments to a commercial real estate market in the Latvian capital,” shares his expectations A. Barštys.