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Construction contract in Latvia (business complex Verde in Riga)

On 16 June 2020, SIA Merks, part of AS Merko Ehitus group, has entered into a contract with SIA Hanzas 14, owned by Capitalica Baltic Real Estate Fund I, for the construction of business complex Verde at Roberta Hirša street 1, Riga.
  
The works of the first stage include construction of an office building and an underground parking lot with a total area of 29.5 thousand square metres. The contract value is more than EUR 31 million, plus value added tax. Construction works of the first stage will start in July and are scheduled to be completed in the first quarter of 2022.
  
The start of the construction of the second stage will be decided within 12 months. The second stage includes an office building with a total area of 15.6 thousand square metres and the construction period is approximately 15 months. The contract value is more than EUR 17 million, plus value added tax.
  
SIA Merks (merks.lv) is a Latvian construction company, which offers construction services in the fields of general construction, civil engineering and residential construction.
  
Additional information: SIA Merks, Board Member and Construction Director Andris Bišmeistars, phone: +371 6737 3380.
  
Priit Roosimägi
Head of Group Finance Unit
AS Merko Ehitus
+372 650 1250
priit.roosimagi@merko.ee
  
AS Merko Ehitus (group.merko.ee) 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 2019, the group employed 694 people, and the group’s revenue for 2019 was EUR 327 million.