Swedbank grants EUR 35 million for the construction of the Elemental Business Centre complex of AS Kapitel
Swedbank and real estate developer AS Kapitel have agreed on a loan of 35 million euros for the construction of the business complex Elemental Business Centre in the Skanstes neighbourhood of Riga. The total investment of AS Kapitel in Elemental Business Centre is over 60 million euros and the project will be completed in the fall of this year. The project stands out for the sustainable and innovative construction solutions used in the construction.
Taavi Ojala, CEO of the project developer Kapitel, states: “Sustainability and environmental friendliness are important to us as project developers and owners, as well as for our tenants and cooperation partners. Therefore, innovative technological and energy efficiency solutions are used in the construction of Elemental Business Centre. Together with flexible office spaces, on-spot services for everyday needs and an environment that promotes employee well-being in the heart of Skanste, Elemental Business Centre offers excellent working conditions that promote productivity, cooperation and creativity.”
The office complex aims to receive the BREEAM Outstanding rating, thus becoming the first building in Latvia with the highest possible evaluation, as well as A+ energy class certificates, which meet Swedbank’s sustainable loan criteria.
Jevgenijs Ivanovs, Head of Corporate Division of Swedbank, says: “The implementation of sustainable and energy-efficient solutions in the execution of new projects is becoming a self-evident industry practice, and tenants demand compliance with the highest standards. Kapitel has always strived for conscious excellence in its activities, the results of which we can appreciate today. Following Swedbank’s goals in developing a sustainable society, we are pleased to provide our clients with the best possible financial services to help them achieve their sustainability goals”.
The topping out of the office building was celebrated last week. Elemental Business Centre is an office rental project with a leasable area of 21,000 m2 across two ten-storey buildings, located in Riga, Skanstes Street 25. It is planned to be commissioned this autumn.
Kapitel is one of the largest real estate companies in the Baltics with more than 25 years of experience and a portfolio of more than 244,000 square meters of rental premises. It develops and manages shopping centres, hotels, office buildings and logistics centres. In Latvia, the company’s portfolio includes such projects as the Spice and Spice Home shopping centres and Benjamiņu nams.