Skanstes Rezidences, a €14 million residential development by Estonian real estate developers Invego and Reterra, was awarded the Residential Project of the Year award at the international real estate conference BREL Forum (Baltic Real Estate Leaders Forum) in Riga.
The Skanstes Rezidences residential development was named the best residential real estate project of the year by a jury comprising real estate industry leaders and experts at BREL Forum. “Skanstes Rezidences is undoubtedly an outstanding new development, and we are delighted to see that the quality and experience of Estonian developers are also appreciated in Latvia,” comments Kristjan-Thor Vähi, CEO of Invego. He also notes that earlier this year, Parka Kvartāls, another residential development completed through the collaboration between Invego and Reterra, received recognition at Latvia’s construction industry awards.
According to Reigo Randmets, CEO and shareholder of Reterra, the award is an important recognition of the partnership and its shared ambition to contribute to the development of Riga’s urban living environment. “The past week has been particularly successful for us, as two of our developments in two different countries and cities have received recognition. Both Skanstes Rezidences in Riga and Hipodroomi Quarter in Tallinn, which was recently named Development of the Year by the City of Tallinn, reflect our strong focus on architecture, well-considered layouts and creating a cohesive living environment. We are especially pleased to see our work recognized more broadly,” says Randmets.
Construction work is progressing at Miera Rezidences, the third joint development by Invego and Reterra in Riga. “Both the recently completed Skanstes Rezidences and the newly launched Miera Rezidences have attracted interest from Estonian investors. More than 20 investment apartments have already been purchased by Estonian investors across these developments,” says Vähi.
Skanstes Rezidences is located in Skanste, an area that has become one of Riga’s fastest developing and most promising neighborhoods. Designed by Salto Architects, the residential development comprises two eight-storey A-energy-class buildings with a total of 67 premium apartments. Particular attention has been paid to natural light, spaciousness and modern comfort. The homes feature large windows, balconies and private terraces, loft-style layouts and high ceilings reaching up to six meters in some apartments. Residents also have access to rooftop terraces and a spacious underground car park.
Reterra is an Estonian-owned real estate development and investment company that has spent more than a decade shaping contemporary residential and commercial environments in Estonia and Latvia. The company has built more than 1,000 new homes and developed nearly 74,000 m²
of commercial space. Its commercial real estate clients include Telia, Pipedrive, Selver and Coop. Reterra’s development portfolio comprises more than 3,000 planned and ongoing homes, alongside major commercial real estate projects. Its best-known developments include Hipodroomi Quarter in Tallinn, Raemõisa residential area in Rae Municipality and Aviaatori Kodud in Tartu. In Latvia, its key projects include the Ernests Gulbis tennis and padel centre and the Lāčplēša Plaza office building.
Invego Group is a new-generation real estate developer operating in three countries and specialising in large-scale residential districts and commercial quarters with integrated concepts designed to shape the cities of the future. With more than 10 years of experience, the Invego Group comprises over 60 companies in Estonia, Latvia and Portugal, with 30 development projects currently underway. Invego has completed more than 150,000 m² of residential space, equivalent to 1,500 homes, as well as 50,000 m² of commercial real estate. A further 500,000 m² of residential and commercial development is in the pipeline. The bonds of Invego Group OÜ and its subsidiary Invego Latvia OÜ are listed on the Nasdaq Baltic First North Bond List.
Further information:
Kristjan-Thor Vähi
Email: www.invego.lv