UAB Capitalica Baltic Real Estate Fund I: 68% of the second building at the VERDE office complex leased, topping-out celebrated

Several important milestones have been reached in the development of Riga's
greenest office complex VERDE. The leased area has significantly increased - in
Building A it has already exceeded the 80 percent mark, and in Building B it is
close to 68 percent. Meanwhile, a topping-out ceremony has been held for
Building B by putting the symbolic crown atop its roof. It means that the
construction of the second building's supporting structure has been completed
and work will soon begin on waterproofing the roof. Just like the first
building, the second building has 11 stories and it has been constructed using
over 3,000 tons of reinforcement and 12,000 cubic meters of concrete. 

At present, general construction works are ongoing at Building B, with
engineering works like installing electrical wiring and a cooling system going
on inside the building. Other engineering networks will also be provided soon.
Meanwhile, construction processes necessary to prepare the buildings for work
in winter conditions are nearing completion. 

Iveta Lace, VERDE Commercial Director: "A year has passed since we announced
the launch of construction of Building B. As far as construction is concerned,
it has been a challenging time, but we coped with everything successfully, for
which we are thankful to everyone involved in the construction process. At the
same time, intensive work continued during this year to attract tenants. As a
result, 74 percent of the office complex has been leased already. Undeniably,
in the current economic situation, a decision to open a new office requires
courage and resolve even for the strongest companies. We will therefore support
our existing and future tenants as much as we can, providing them with modern
and energy-efficient premises for the growth of their businesses and the
well-being of their employees." 

VERDE office complex, commissioned by its developer, SBA Group company
Capitalica Asset Management, is being built under the leadership of Notus
Developers, a subsidiary of SBA Group. The project's team of architects
includes Andris Kronbergs and Janis Zvejnieks from ARCHIS ARHITEKTI in
collaboration with the architect bureau AROUND and landscaping bureau ZALA
LANDSCAPE ARCHITECTS. Building structures are being designed by ARENSO, Forma 2
provides construction supervision and the project's general contractor is one
of Latvia's leading construction firms Velve. 

Vineta Verika, CEO of Velve: "We celebrated the topping-out at Building B of
the VERDE office complex in a special atmosphere. For the construction
industry, this year has been full of challenges not only in Latvia but all over
the world. Therefore, on behalf of our company, I would like to thank the
project's developers and other cooperation partners for the excellent work they
have been doing together so far." 

As reported, the investments in the development of the VERDE office complex
exceed EUR 65 million. To date, its tenants include companies like Swisscom,
Decta, KPMG Latvija, Swetch, Merito Group, Workland, Enefit, VIA SMS Group and
Veselibas Centrs 4, among others. The exclusive rent and management partner of
"VERDE" is the leading Latvian real estate agency Colliers. The first building,
which was completed in the summer of 2022, became the only A-class business
center to open in Latvia this year. The second building is scheduled for
completion in a year. 



About "Verde"

Verde (www.verde.lv) will be the greenest A-class office complex at the
Skanstes area in Riga (R.Hirša Street 1a), the place opposite the Latvian Fire
Fighting Museum, and the only A-class office complex the first stage of which
will be commissioned in June 2022. The Verde office complex comprises two
office buildings with a total leasable area of 30 000 m2 (45 000 m2 together
with an underground parking area). Verde has been developed in line with BREEAM
Excellent and the nZEB (nearly Zero Energy Building) standards. The special
feature of Verde will be incomparable greenery on 600 m2 large terraces with
trees and plants on each of the buildings and green outdoor workspaces in the
yard. In the competition "Sustainability in Architecture, Construction and
Design 2020", Verde was ranked among the most sustainable projects, and at the
BREL Forum 2022, Verde was voted Project of the Year both by the jury and
people. Verde embodies its green thinking in a sustainable and contemporary
architectural solution designed by Latvian architects Andris Kronbergs and
Janis Zvejnieks (Arhis Architects), applying Class A energy efficiency and
smart building management solutions. 



About "Capitalica Asset Management" and "SBA Group"

Capitalica Asset Management (www.capitalica.lt) is an investment management
company licensed and supervised by the Central bank of Lithuania and is
managing investment funds investing in commercial real estate in the Baltic
States. Capitalica Baltic Real Estate Fund I, managed by Capitalica Asset
Management, owns office complex Verde in Riga, the business center 135 in
Vilnius, the business center Kauno Dokas in Kaunas, and the shopping center
Luize in Klaipeda. "Capitalica Z114 Real Estate Fund" currently manages an
office and warehouse complex, and in the future plans to develop a new Class A
business center on Žalgirio st. in Vilnius. Capitalica Green Logistics Fund
owns 3 logistic complexes, two in Tallinn and one in Riga. The controlling
stake (70%) of Capitalica Asset Management is held by SBA Group, one of the
largest Lithuanian business groups, and another 30% is owned by A. Barštys'
(CEO of Capitalica Asset Management) company Fox Holdings. 

SBA is one of the largest Lithuanian capital business groups. It consists of
more than 30 companies operating in real estate, furniture manufacturing,
textile manufacturing, and investment management. The group employs around
4,500 people. Consolidated sales in 2021 amounted to EUR 404.6 million. 




     Andrius Barštys
     CEO of "Capitalica Asset Management"
     [e-mail]
     [phone]