Building trust, shaping Riga – East Capital Real Estate 20-years in Latvia

East Capital Real Estate (ECRE), part of East Capital Group, celebrates 20 years of investment, growth and partnership in Latvia. The anniversary event took place at Galleria Riga (Workland premises and afterparty at Herbarium- the rooftop bar) yesterday evening, gathering long-term collaborators, clients and partners for the third and final celebration in a series of anniversary events held across the Baltics - after Tallinn and Vilnius, now concluding proudly in Riga.

A journey of confidence and collaboration

When East Capital Real Estate entered the Latvian market I 2006 it was poised for tremendous change, full of energy and ambition. EU membership had just reshaped the economic landscape, Riga was reinventing itself, and international investors were beginning to take notice.

ECRE was among the first to recognise that potential. Its early acquisitions marked the start of a two-decade commitment to helping build a modern institutional real estate market, one rooted in transparency, professionalism and long-term value creation.

Two decades later, ECRE has grown into one of Latvia’s most trusted institutional real estate investors. The company has helped redefine the city’s skyline and set new benchmarks for sustainable development, while consistently supporting Latvia’s business community.

Today, ECRE’s Latvian portfolio includes:

• Galleria Riga, a landmark retail and lifestyle destination currently undergoing a major transformation, including a new public rooftop terrace, the highest square in the city.
• Place Eleven, one of Riga’s most prominent Grade A office buildings, home to major international and local firms like BTA, VISMA, Ecommpay, LSC
• Rimi Baltic distribution centre, a key logistics and retail hub supporting the region’s growing consumer sector.
• StokOfiss U30, a three-in-one solution, allowing companies to utilize premises for sales, office and warehouse purposes all in one.  
• Lidostas Parks, modern warehouse in a direct vicinity to Riga International Airport, with direct access to the highway into the city centre
• Ulmaņa Parks, A-Class logistics and industrial park located very close to Riga International Airport

The Latvian portfolio represents approximately 175,000 square metres, with an estimated value of EUR 220 million, while ECRE’s total investment across the Baltics has exceeded EUR 1 billion over the past two decades.

Peter Elam Håkansson, Founder and Group Chief Investment Officer of East Capital Group, says, “When we first came to Latvia, one of our first meetings was with the country’s very first head of the stock exchange, who spoke Swedish. It immediately made us feel at home. As long-term investors, that was a special start for us, being part of Latvia’s market story from the very beginning.

Over the past couple years, we’ve been revisiting our heritage in the Baltics on our annual corporate trips - gathering our global team first in Tallinn in 2024 and this year in Vilnius. We are happy to share that next autumn, the journey will continue here in Riga. For me, it’s more than just tradition; it’s about reconnecting with the places where our story began.”

People, partnerships and progress

From the start, ECRE’s focus on Latvia has gone far beyond buildings. Every project has been an investment in people, partnerships and shared progress. The company’s approach combines international experience with local understanding, creating spaces that support sustainable business growth and strengthen communities.

All ECRE owned and managed properties in Latvia are BREEAM-certified with A+, A & B energy certifications, meeting international sustainability standards. In 2024, ECRE received an EcoVadis Gold certification, placing it among the top 5% of real estate companies worldwide for its environmental and social performance.[JS1] [MS2] 

“Latvia’s real estate market has come a long way, from its early growth stage to a mature, transparent and internationally respected market. Reflecting on our first small acquisition back in 2006, it has been a long and sometimes bumpy road, yet an immensely educational and rewarding one that has honed our skills and deepened our expertise. Over the years, we have grown both as a company and as individuals, a development reflected in the trust placed in us by so many investors across our four dedicated funds. We remain fully committed to pursuing sustainable investments and continuous improvements, ensuring responsible long-term management and staying true to our core value of reducing the carbon footprint of our investments and operations[MS3] ,” says Māris Smiltenieks, Country Manager, East Capital Real Estate Latvia.

Looking ahead – investing in Latvia’s future

Twenty years on, ECRE remains deeply committed to Latvia. The company continues to focus on sustainable, energy-efficient and community-oriented projects that drive long-term growth and competitiveness.

This autumn, ECRE began pre-marketing of its new East Capital Real Estate Fund V, targeting EUR 400 million in size and building on two decades of Baltic experience. The fund will seek new opportunities in commercial, office and logistics sectors, continuing ECRE’s mission to invest responsibly and support the region’s next phase of development.

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Contact information

Māris Smiltenieks, Country Manager, East Capital Real Estate Latvia
maris.smiltenieks@eastcapital.com

Jessica Scott, Chief Marketing and Communication Officer, East Capital Group
mediaenquiries@eastcapital.com

About East Capital Real Estate

East Capital Real Estate is a leading real estate manager that focuses on commercial real estate investments in the Baltics and Central Europe, primarily in the office, logistics and retail segments. We manage three funds and one investment mandate, with a total investment value of EUR 610 million, distributed across 23 properties with a lettable area of 500 000 square metres.

East Capital Real Estate is part of East Capital Group – a global asset manager based in Sweden since 1997. We offer a range of investment solutions within equities, fixed income securities, real estate and alternatives. The essence of our business is not only to find attractive investment opportunities, but also to work to drive positive change, influencing industries around the world to become more sustainable. We have a broad range of international investors including leading institutions, companies and private individuals.

For further information, please visit www.eastcapitalrealestate.com

Risk information: Past performance is no guarantee for future performance. Fund units may go up or down in value and may be affected by changes in exchange rates. Investors may not get back the amount invested.

This is marketing communication. This publication is not directed at you if we are prohibited by any law in any jurisdiction from making this information available to you and is not intended for any use that would be contrary to local laws or regulations. Every effort has been made to ensure the accuracy of the information in this document, but it may be based on unaudited or unverified figures or sources. The information in this document should not be considered investment advice and should not be used as the sole basis for an investment decision. Please read the prospectus and information documents available at www.eastcapitalrealestate.com