Novira Builds a Business Center in Riga's Downtown for 55 Million

Novira Capital began construction of the Novira Plaza office complex in central Riga, worth over 55 million euros.

The business center developer is Novira Capital, which owns 35 percent of the entire project. 65 percent belongs to the Evernord Real Estate Fund 3 investment fund from Lithuania, which is involved as a financial investor.

According to Arle Mölder, managing partner of Novira Capital, this is a real estate development with tremendous potential in the heart of central Riga, and its importance is increased by the new Riga railway station being built nearby for 450 million euros.

"Riga city center has very few modern office buildings. Almost all office buildings have been converted from old apartment buildings, and completely new offices remain outside the city center. The project is unique both in its content and form, and truly in a great location – next to the railway station, public transport hubs, hotels and restaurants, and only a short walk from the old town," said Mölder.

Riga's Novira Plaza meets the international LEED sustainable design and construction standard gold level. The energy-efficient building has several green areas and solutions for cyclists, pedestrians and car owners. On the first floor of the business center, at street level, there are shops and restaurants. The underground car park has parking spaces for 200 cars, which is an important advantage in the city center. In total, the building has seven above-ground floors and 30,000 square meters of floor space.

In the construction of the Riga Novira Plaza business center, smart architectural solutions, thoroughly thought-out interior design and top-quality finishing materials are combined. The building was designed by the renowned Latvian architecture firm BB studio and the interior design was created by Meelis Press. Riga Novira Plaza will be completed in the summer of 2023.

Novira Capital deals with the financing and development of large-scale real estate projects in Estonia and Latvia. One of Estonia's leading real estate developers has built four office buildings and over 300 apartments in the Tallinn city center area in recent years.

Evernord Real Estate Fund 3 belongs to the Lithuanian investment company Evernord, which manages two other real estate investment funds: one deals with rental apartments in Vilnius city center and the other owns the Office 31 office building in Tallinn on Pärnu Road.