Core-Plus Mixed-Use Asset | Riga, Latvia
Zunda Towers is a landmark Core-Plus mixed-use development in Riga, combining premium office, hospitality, and residential uses with long-term, stabilized income and limited additional investment of approximately €30 million. The asset has an estimated replacement value of ~€330 million, providing strong downside protection.
The property is built on a 9,192 m² land plot with a total built area of approximately 89,000 m² and consists of two 30-story towers. The office tower is leased to financial institutions, IT companies, and state entities, generating immediate recurring income. The residential tower is designed for flexible mixed-use, with a signed contract with Grupo Hotusa for 149 hotel rooms on floors 20–30, including conference facilities, a SPA, and a fitness center. The lower floors of the residential tower can be developed for branded residence sales or additional hotel and serviced apartment use, offering strategic optionality and income diversification.
The development includes four underground parking levels with 628 spaces and a grand lobby with approximately 20-meter-high ceilings. The towers feature a cylindrical glass façade designed by world-renowned architect Helmut Jahn, with interiors and surrounding landscape by Andis Sīlis. Four renovated historic wooden buildings on the site can be used for complementary services, enhancing the property’s character and tenant experience. Technical features include an energy-efficient façade, intelligent building systems, EV charging, air humidification, high-speed elevators, dual optical fiber, and 24/7 security.
Zunda Towers represents a Core-Plus, income-oriented asset with replacement value protection, limited remaining capital requirements, and institutional-grade tenants, offering a durable, landmark presence in Riga’s growing real estate market.
