Construction contract in Latvia (Elemental Skanste office buildings, Riga)

On 2 September 2021, SIA Merks, part of AS Merko Ehitus group, and SIA Skanstes Business Centre, part of AS Kapitel group, have entered into a contract to perform construction works of Elemental Skanste office buildings at Skanstes St. 25, Riga.

The contract includes construction of two 10-storey interconnected office buildings containing 21,000 m² of leasable office space. In addition to the office space, the buildings will include a conference centre, co-working area, a 400-space bicycle parking facility, various catering and service areas. Together with the building, approximately 500 parking spaces will be completed, including 200 spaces in the storeys below the buildings. Buildings have been designed based on level Excellent of the international BREEAM standard.

The contract value is approximately EUR 49 million, plus value added tax. The project is scheduled to be completed in spring 2023.

SIA Merks () is a Latvian construction company, which offers construction services in the fields of general construction, civil engineering and residential construction.

AS Kapitel () is one of the Baltics’ largest real estate companies, which is developing and managing office buildings, shopping centres, hotels and logistics centres. The group real estate portfolio includes over 244,000 m² of leasable area.

Additional information: SIA Merks, Board Member and Construction Director Andris Bišmeistars, phone: +371 6737 3380.

Urmas Somelar

Head of Group Finance Unit

AS Merko Ehitus

AS Merko Ehitus () group consists of AS Merko Ehitus Eesti in Estonia, SIA Merks in Latvia, UAB Merko Statyba in Lithuania and Peritus Entreprenør AS in Norway. Besides providing construction service as a main contractor, the group’s other major area of activity is apartment development. As at the end of 2020, the group employed 666 people, and the group’s revenue for 2020 was EUR 316 million.

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