European Investment Bank approves EUR 22 million financing for Verde office center project in Riga – Branches – Financenet

EUR 22 million is to be provided from the EIB’s investment package to combat climate change.

“The construction of energy-efficient buildings will be an important part of the recovery of the green economy after the current crisis. We hope to complete the loan coordination negotiations with the project owners as soon as possible, “said Marko Franchini, EIB Head in the Baltics.

Andrjus Barštis, head of Capitalica Asset Management, which is developing the Verde project, noted that the EIB’s decision to approve Verde funding confirmed the institution’s confidence in the project’s viability. “This is an important assessment of our entire green building strategy and another impetus to increase the size of this business line. By coordinating the documents, we hope to sign the final agreement on the financing of Verde in the second half of this year,” he said.

The planned complex of two Class A business centers “Verde” in Skanstes district in Riga will be one of the largest business centers in Riga with an area of ​​45,000 square meters. Already at an early stage, “Verde” obtained the first certificate of sustainability – the two-building complex was assessed with BREEAM “Excellent” during its design phase.

In June, Capitalica Asset Management signed an agreement with the project’s general construction contractor, the Latvian construction company Merks. Construction is scheduled to begin shortly and be completed in 2023. In total, more than 65 million euros will be invested in the project.

Verde is owned by Capitalica Baltic Real Estate Fund I, a fund managed by the SBA group company Capitalica Asset Management. Latvian and Lithuanian pension funds managed by INVL Asset Management, as well as other professional investors have invested in this fund.

Capitalica Baltic Real Estate Fund I manages commercial real estate in the Baltic States. In addition to the Capitalica Baltic Real Estate Fund I project being developed in Riga, it also manages the business center “135” in Vilnius, the business center “Kauno dokas” in Kaunas and the shopping center “Luize” in Klaipeda.

The investment management company was founded in 2016. Its controlling stake (70%) belongs to one of the largest Lithuanian capital business groups SBA, while 30% of shares are owned by Fox Holdings.

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