Latvian development company InCity Capital Enters BREL 2026
InCity Capital will make its BREL Forum debut in 2026 with a track record that has grown faster than its public profile. Founded in Riga in 2019, the company expanded cumulative capital deployed from €2 million in its first year to €31.2 million by 2026 – more than a twelvefold increase. Over the same period, it developed 331 apartments. Signed projects are set to lift deployed capital to €34.9 million and reach cumulative apartment count to approximately 384 by 2027, bringing the total portfolio, including both completed projects and the development pipeline through 2031, to €66.4 million and approximately 575 units.
Growth grounded in execution
The figures reflect a deliberate progression from individual renovation projects to an integrated platform capable of sourcing, financing and executing several developments in parallel. InCity Capital focuses on residential value-add opportunities in Riga and Jūrmala. It acquires underperforming or development assets, refines their positioning and unit mix, structures the capital, manages delivery and exits through apartment sales or the capitalisation of rental income. Its typical investment horizon is two to four years.
The portfolio has generated more than €44 million in asset sales value and an average project IRR of approximately 23%. The company combines in-house investment and development expertise with established partners across financing, design, engineering, construction and sales. This model lets a compact management team retain direct control over investment decisions while bringing specialist capability into each project.
A focused residential strategy
InCity Capital’s product philosophy is based on smart sufficiency. Buyers may be unwilling to pay for unnecessary square metres, but they still expect a strong location, sound construction and a well-considered living environment. The company’s response is to reduce the total purchase ticket through efficient layouts and, where appropriate, move selected functions into useful shared spaces. The aim is to make high-quality urban and seaside housing accessible without diluting the character of the property.
Projects that prove the model
Maskavas 261 in Riga converted a former administrative building into 65 compact apartments and identified demand for small-format homes before the segment became established. At Blaumaņa 9, InCity Capital redeveloped a landmark city-centre building into 90 apartments and combined bank financing, real estate crowdfunding and a group acquisition model. The €8.5 million project was completed in 2.3 years and achieved a 31% levered IRR.
Jūras Skati at Dubultu 101 in Jūrmala marks the next level of scale: a €13 million redevelopment of a 7,700 m² former seaside sanatorium into 103 compact apartments and lofts. Its 200 m² social lobby, coworking space and residents’ rooftop terrace complement efficient private units. The project is a nominee for BREL 2026 Revitalized Project of the Year. In Riga, SkansteHof at Hospitāļu 49 extends the same product discipline into greenfield development with 33 energy-efficient family apartments beside the expanding Skanste business district.
The next stage at BREL
InCity Capital’s planned central Riga pipeline comprises a further 191 apartments across 14,200 m², with an estimated development budget of €31.8 million. The opportunity now is to convert a proven local model into a broader platform for long-term cooperation with investors, lenders and development partners across the Baltics.
“Our organisation remains compact, but the scale of our work has changed substantially,” says Mihails Petrišins, partner and co-founder of InCity Capital. “We have moved from executing one project at a time to managing several investments in parallel. Our first BREL Forum is an opportunity to introduce that record, strengthen the partnerships behind our current projects and create new ones for the next stage of growth.”
incitycapital.lv
