Core Plus Mixed Use Asset | Riga, Latvia

Zunda Towers is the defining landmark of 21st-century Riga, Latvia’s first large-scale multifunctional development and one of the tallest complexes in the Baltics, designed by world-renowned architect Helmut Jahn. The two-tower, 30-floor complex spans approximately 89,000 m² of total built area on a prime 9,192 m² site at the city’s most central point. The asset is offered at €230 million, representing a compelling ~30% discount to its estimated replacement value of €330 million, with approximately €30 million of additional capital required to complete the income strategy, providing a hard-asset floor and meaningful day-one downside protection. Tower One delivers immediate recurring income from A-class tenants, including financial institutions, IT companies, and state entities. Tower Two’s hospitality strategy is anchored by a signed lease with a recognizable hotel chain for a 149-room 5-star hotel on floors 20–30, including conference facilities, a SPA and fitness centre. The lower residential floors consist of 133 apartments, 36 fully furnished, offering flexible optionality for branded residence sales, serviced apartments or additional hotel inventory, providing strategic income diversification. A 7,449 m² podium provides events, F&B, and retail space; 628 underground parking spaces. Beyond the existing footprint, adjacent land plots support a pipeline third tower of approximately 27,000 m² A-class offices and a ~10,000 m² food market and commercial scheme, offering material long-term value creation. Zunda Towers combines stabilised income, a signed hospitality anchor, flexible residential upside, and a clear development pipeline - all within a stable EU, NATO, and Eurozone jurisdiction, making it a rare core-plus opportunity at a scale and quality not seen elsewhere in the Baltic region.