Novira Capital's Major Development in Riga Receives 44 Million Euro Investment from Swedbank

Swedbank Latvia issued a 44 million euro loan to the owner company of Novira Plaza Riga, a business quarter completed in downtown Riga last year, which belongs to Estonian real estate developer Novira Capital and Lithuanian investment fund Evernord Real Estate Fund III.

According to Nikolay Kryzhanovskiy, CEO of Novira Capital, the loan funds from Swedbank will be used to redeem bonds previously issued to finance the project's construction, and partially also to complete the remaining free rental spaces. "Novira Plaza Riga is an excellent example of successful cooperation between developers, builders, and investors in implementing a complex project. The project's development and financing structure and professional team enabled us to move forward even during very difficult times. The financing agreement we recently concluded with the bank is also a clear recognition of our work over the past five years," said Kryzhanovskiy.

Novira Capital and Evernord have already started their next major joint project, the construction of the luxurious 16-story residential building Stellar in downtown Tallinn. "In recent years, we have focused precisely on downtown developments that enrich urban space and help create modern and diverse living environments in the heart of the city," emphasized Kryzhanovskiy. Among Novira Capital's major developments in recent years are, for example, the residential quarter Das Haus built in downtown Tallinn, the A-class office building Büroo 31, and the high-rise building Novira Plaza Tallinn.

The Novira Plaza Riga development, which cost a total of 70 million euros, began in 2021 and the A-class business quarter opened in 2024 already won the title of Latvia's real estate project of the year last year. To date, the complex with a total area of 39,000 square meters is in active daily use, and among the notable tenants you can find companies such as PwC Latvia, Wolt Latvia, Eversheds Sutherland Bitāns, Bigbank, Luminor, New Yorker, and many others.

Novira Capital deals with large-scale real estate projects, the most well-known of which are Novira Plaza, Das Haus, Büroo 31, Büroo 83, Merirahu Villad, and Kalaranna Kodu in Estonia and Novira Plaza Riga business quarter in Latvia.