Kapitel to proceed with construction of Elemental Skanste office complex in Riga

The real estate company Kapitel and construction company Merks signed a nearly EUR 49 million contract for the construction of the Elemental Skanste office buildings in the Skanste district of Riga. Two interconnected 10-storey buildings will be completed in the spring of 2023. Kapitel’s total investment in the development of the office building is approximately 60 million euros.

The building will have BREEAM sustainability certificate at the level of Excellent. The total gross floor area of the two interconnected buildings is 33,500 square metres of which 21,000 square metres are Class A rental space. Together with the building, approximately 500 parking spaces will be erected, including 200 spaces of underground parking. Going forward Kapitel plans to add at least three additional office buildings and a multi-storey car park at the site.

Kapitel is among the largest real estate companies in the Baltics, developing, owning, and managing shopping centres, hotels and office buildings. Its real estate portfolio includes over 244,000 square metres of rental premises.

COBALT Real Estate team including Managing Partner Dace Silava-Tomsone and Associate Juta Meimere assisted Kapitel in obtaining required permits, drafting construction agreement and dealing with various related matters.

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