"We plan to launch construction in the second half of next year. We haven't decided yet if we'll build in stages or all at once. This will depend on the situation in the market," Andrius Barstys, the company's CEO, told.
"If it's a one-stage project, we could launch into the market in 2021," he added.
Capitalica Baltic Real Estate Fund I this month purchased 1.3 hectares of land in Skanste, a Riga neighborhood not far from the city center, with plans to build two 45,000-square-meter office buildings.
The Latvian capital's plans to build a new tram line in Skanste has had an impact on the company's decision to invest in the neighborhood, Barstys said.
The fund's portfolio includes the Luize store in Klaipeda, the 135 office building in Vilnius and the Kaunas Dokas office building in Kaunas.
