Real estate developer Hepsor Group’s subsidiary Hepsor U34 SIA has entered a contract with construction company Mitt&Perlebach for a new development at Ulbrokas 34 in Riga, Latvia. 

The contract is valued at approximately €9.6m ($10.43m) plus value-added tax. 

The development, StokOfiss 34, will feature a commercial building offering a mix of office, commercial, and warehouse spaces, spanning an area of around 8,740m².  

This project is designed to align with Hepsor’s commitment to sustainability, having been awarded an energy class A and a BREEAM sustainability certificate at the “Very good” level. 

StokOfiss 34 will incorporate thermally activated building structures, electric vehicle charging stations, a natural recreation area, bicycle/scooter parking, and more. 

It is expected to be completed by the third quarter of 2025. 

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This project marks the second phase of Hepsor’s commercial building development on Ulbrokas Street.  

The first phase, StokOfiss U30, was completed in the fourth quarter of 2022 and subsequently sold to the investment fund East Capital in the second quarter of 2023. 

Hepsor Management Board member Henri Laks said: “StokOfiss U34 brings high-quality and modern business space to the Riga market, allowing clients to consolidate office, commercial, and warehouse spaces under one lease.” 

In addition, the company is constructing commercial spaces at Manufaktuuri 7 in Tallinn.  

Plans are also underway to commence the development of commercial spaces at the Manufaktuuri 5 project in 2024. 

Hepsor’s portfolio currently consists of 24 development projects.