“We continue to increase our property and profits, and our developed, fully rented-out high-demand complexes are generating a stable financial flow for us. In the near future, the fund’s value and profitability growth will be catalysed by the Verde office complex in Riga, and its construction work has already gained momentum - 7 of 10 of its storeys have been built. Despite the tense situation in the construction and commodities markets, we are managing the risks – work is continuing at the construction site at full pace, and it is planned for completion according to schedule,” says the head of Capitalica Asset Management Andrius Barštys.
The first stage of the project Verde, which is valued at 65 million euros, is expected to be completed in the second half of 2022. Negotiations are currently underway with potential clients regarding renting premises in the 45-thousand square-metre complex, and the project is planned to reach completion in 2023. The construction process for Verde is managed by the SBA company Notus Developers, with the Latvian company Velve acting as a contractor.
The European Investment Bank (EIB) allocated a loan of 22 million euros to construct the office complex Verde, approving financing from the investment package aimed at combatting climate change as the business centre is planned to be a nearly zero-energy building.
The real estate fund Capitalica Baltic Real Estate Fund I is managed by the SBA Group company Capitalica Asset Management, which oversees commercial real estate across the Baltic States. This fund manages the Vilnius-based business centre 135, the Kauno Dokas business centre in Kaunas and the Klaipėda-based shopping centre Luizė. The 70 per cent controlling stake in Capitalica Asset Management was acquired in 2016 and is held by SBA, one of the largest Lithuanian capital business groups, while 30 per cent is held by A. Barštys’ company Fox Holdings.
