Capitalica’s €500 million bet on Riga: two major developments taking shape
Capitalica Asset Management is strengthening its long-term commitment to Riga with approximately €500 million in planned investments across two major developments that reflect different aspects of the city’s growth: the continued expansion of the Verde business district in Skanste and a new large-scale mixed-use development on Lielirbes Street in Pārdaugava.
“Riga is a home market for Capitalica Asset Management — a city we genuinely love and strongly believe in. With VERDE and our new mixed-use development on Lielirbes Street, we are committed to contributing to Riga’s continued growth and making it an even better place to live, work and invest.” – says Andrius Barštys, CEO of Capitalica Asset Management.
Capitalica is proud to join BREL Forum as a Main Partner and contribute to the dialogue shaping the future of Riga and the wider Baltic real estate market.
Creating a new piece of Riga in Pārdaugava
Capitalica’s newest project in Riga marks an important step beyond traditional real estate development. On a 7.2-hectare site on Lielirbes Street in Pārdaugava, the company is planning a new mixed-use urban district designed around the idea that a successful neighbourhood should offer more than individual buildings.
The development is planned to bring together homes, services, public spaces and everyday amenities, creating an environment where people can live, work and spend time within the same neighbourhood.
With more than 100,000 m² of planned development, the project is intended to become a significant new destination in Pārdaugava and contribute to the area’s ongoing transformation. Its location, between Riga’s city centre and the airport, places it within one of the capital’s important development corridors and close to major transport and commercial infrastructure.
For Capitalica, the Lielirbes project represents an opportunity to participate in the evolution of Riga — not simply by developing new real estate, but by helping create a new part of the city.
The first phase of construction is expected to begin in 2027, with a total planned investment of approximately EUR 300 million.
Verde continues to grow
Alongside its new Pārdaugava development, Capitalica continues to invest in Verde, its A-class business district in Riga’s Skanste neighbourhood.
Verde A and B are now fully leased, demonstrating continued demand for high-quality office space in Riga. The next stage of the development is progressing, with Buildings C and D currently under construction.
Building C is planned to be completed in spring 2027, followed by Building D at the end of 2027.
Once all development phases are completed, Verde will offer more than 50,000 m² of A-class office space in Riga’s Skanste business district, providing a working environment for approximately 5,500 employees.
The total value of the completed Verde business district is expected to reach approximately EUR 200 million.
The expansion of Verde also reinforces Capitalica’s approach to development: creating high-quality, sustainable places that respond to the changing needs of businesses and the people who work in them.
A long-term commitment to Riga
Together, Verde and Lielirbes represent two complementary chapters of Capitalica’s investment story in Riga.
Verde is expanding an established business district and strengthening Skanste as one of Riga’s modern commercial centres. Lielirbes, meanwhile, offers an opportunity to help shape a new mixed-use part of the city and contribute to the continued transformation of Pārdaugava.
For Capitalica, both projects reflect the same long-term belief in Riga and its potential as one of the key cities shaping the future of the Baltic region.
