Swedbank Latvia is providing EUR44 million financing facility to Novira Plaza Riga, a new business complex in Riga, Latvia. These funds will be used to redeem bonds previously issued for the financing of the construction of the property and for the fitout costs for future tenants. The project is implemented and co-owned by Lithuanian Evernord Real Estate Fund III and the Estonian real estate developer Novira Capital.
“Novira Plaza Riga embodies the harmonious collaboration of developers, builders, and investors in implementing a very complex project. The project's development and financing structure, along with the team's professionalism, allowed to move forward during very challenging times. Securing bank financing means recognition of our efforts," said Gintaras Rutkauskas, CEO of Evernord Asset Management.
Novira Plaza Riga has been developed in the center of the Latvian capital since 2021. The construction phase of the business complex has been financed using "available then needed" model – Evernord arranged numerous tranches for each development stage under EUR50 million programme. Currently, the complex – comprising two buildings with a total gross area of 39,000 square meters – is fully operational, with most of the space already leased and a range of attractive leasing opportunities still available.
“Swedbank's decision to provide a substantial loan is a mandate of trust, allowing us to start a new phase in the life cycle of the project, distinguished by its sustainability and advanced infrastructure. It is a positive development for bond investors, who will soon have capital available following the redemption of Marijas 2 SIA notes later this month. It also reinforces confidence among Evernord Real Estate Fund III investors, as the bank’s decision signals strong trust in the project’s potential," noted Arnas Vedeckis, CFO at Evernord.
“We are delighted to announce our support for the development of Novira Plaza Riga. This project emphasizes our commitment to fostering wellbeing, sustainability, and economic growth across the Baltic region. Novira Plaza Riga stands out with its cutting-edge architectural design and adaptable workspaces tailored to meet the dynamic demands of modern businesses. We are confident that this landmark development in excellent location will attract forward-thinking businesses, driving both local and international interest in Riga as a prime destination for commerce,” said Jevgenijs Ivanovs, Member of the Management Board and Head of Corporate Customer Division of Swedbank Latvia.
Novira Plaza is a modern A-class business complex in the heart of Riga. The complex stands out with sustainable solutions, abundant green areas, and modern infrastructure suitable for pedestrians, cyclists, and drivers. The new complex offers tenants the opportunity to flexibly plan the layout of their workspaces. The developers have already achieved LEED Gold certification and aim to achieve LEED Platinum certification in the first year of the building's operation.
The co-working spaces in the Novira Plaza business center will create 240 workplaces for entrepreneurs, freelancers, startups, and companies seeking a flexible and dynamic work environment. Lease agreements have already been signed with well-known international companies, including PwC Latvia, SIA Wolt Latvia, GoCardless, Zalaris, New Yorker, Eversheds Sutherland Bitāns, BigBank, and Luminor.
About Evernord
Evernord group manages over EUR 300 million of client assets. Evernord Asset Management also manages 5 real estate funds operating in Lithuania, Latvia, Estonia, and Spain, as well as the European corporate bond fund Evernord Bond Fund. The company was granted a license to manage collective investment undertakings intended for informed investors by the Bank of Lithuania in 2017.