Capitalica RE Riga II

UAB Capitalica Residential

Project identification number: 9845000909E2CCFD9O44-00000026 

Use of proceeds 
Funds raised during the bond issue will be used to finance the acquisition of a land plot and the development of a real estate project (Lielirbes St. 7, Riga) developed by the fund management company UAB Capitalica Asset Management. During the second tranche of the bond issue, it is planned to raise € 1.75 M out of the total bond programme worth € 5 M. The first tranche of € 2 M was issued on the 4th of May 2026. The ISIN code for the bond issue is LT0000137697. Funds raised during the first tranche were used to partially finance the acquisition of the land plots. 

The project already has a territorial vision, prepared by one of the world’s leading architecture and urban planning firms Gensler, in cooperation with the Latvian architect firm Vilnis Mičulis Arhitekti. 

During the project, the territory will be subdivided into eight separate land plots and development stages, for which individual building permits will be obtained, thus increasing the overall project value. The coordination of construction permit processes related to the land plot is carried out by the law firm Ellex Klavins. Building permits are expected to be obtained in the summer of 2027. 

The residential real estate market in Riga stands out due to rental yields still reaching 8% or more, while in Vilnius and Tallinn they remain around 3–4%. Structural demand for new housing remains strong, as a significant share of Riga’s population still lives in outdated apartment buildings. 

The project is being developed in a highly attractive location in Riga – Lielirbes street, next to the prestigious Agenskalns district. The location offers excellent connectivity both to Riga city centre and Riga International Airport, which are directly connected by Lielirbes street. Nearby projects developed by experienced investors further confirm the area’s growing appeal and long-term potential. 

The project will comprise modern multi-storey residential buildings with well-developed infrastructure. The development will include parking spaces, internal access roads, children playgrounds and bicycle storage facilities. Private and shared green areas will be created to enhance residents’ comfort. To ensure a convenient living environment, commercial premises offering essential services will also be integrated into the development. 

It is anticipated that upon maturity, the bonds will be refinanced through bank financing or a new bond issue, or alternatively, may be redeemed from proceeds generated from the sale of separate land plots. 

The bonds will be unsecured, while the first-ranking pledge over the land plot will be held by the financing bank BigBank. The Loan-to-Value (LTV) ratio for the project may not exceed 85%. 

Project structure 

The total project costs at this land plot acquisition stage will amount to € 9.3 M, of which € 7 M represents land acquisition costs and € 2.3 M will be allocated to initial design and debt servicing costs. The project will be financed with € 2.15 M in shareholders’ equity and shareholder loans of the fund management company, € 3.4 M bank financing, and € 3.75 M from the bond issue, distributed in tranches via the BeMyBond platform. The presented capital structure is preliminary and may change during the project. 

More detailed information about the capital structure is provided in the Key Investment Information Sheet.

UAB Capitalica Asset Management 2024 m. finansinės ataskaitos su auditoriaus išvada

UAB Capitalica Asset Management 2025 m. finansinės ataskaitos su auditoriaus išvada

The project owner (issuer) is UAB Capitalica Residential, 100% of which is owned by the fund management company UAB Capitalica Asset Management, led by the CEO and Chairman of the Board Andrius Barštys. 
UAB Capitalica Asset Management is an investment management company established in Lithuania in 2016, with assets under management exceeding € 275 M. The company operates in the real estate sector across the Baltic States, developing and managing commercial real estate projects through fund structures, ensuring long-term and stable returns for investors through sustainable, value-creating solutions. 
The company is part of the SBA Group and has extensive experience in Latvia, particularly in Riga, where it develops modern Class A office projects. Among them is Verde business centre, considered one of the most advanced and sustainable office complexes in the city, attracting international tenants and receiving high sustainability certifications. These projects strengthen UAB Capitalica Asset Management’s expertise in delivering large-scale, high-quality real estate developments in strategically attractive locations. 
UAB Capitalica Asset Management also has strong capital markets experience – the company has historically issued bonds worth € 83 M, of which € 69 M have already been successfully redeemed, demonstrating a reliable track record of meeting its obligations and financial discipline.

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Bonds for a real estate project in Riga, 2nd tranche

8%

18 months

€ 1 750 000

Low risk

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Investments

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Use of proceeds & project structure

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