The Latvian company Velve will build the Novira Plaza office building in Riga for EUR 38 million, which is being invested in by a fund of the investment company Evernord Asset Management.

Construction work has started after the signing of the contract with the general contractor.

“The development of the complex is progressing according to plan and should be completed in June 2023,” said Jolanta Jurga, Chairman of the Board of Evernord Asset Management.

In April, Evernord Real Estate Fund 3 acquired a 65% controlling stake in the developer for an undisclosed amount from Estonian real estate development company Novira Capital.

EUR 55 million is being invested in a 7-storey 36,000 sqm office building at 2 Marijas Street in the centre of Riga.

The ground floor of the building is planned to include retail outlets, restaurants, adjacent green areas, pedestrian and bicycle paths. The building is to be certified according to the international LEED system.

Evernord Real Estate Fund 3, a closed-end fund for informed investors, was established this March.