Top CEE investable projects 2026: Zunda Towers, Riga, Latvia
Project overview
Zunda Towers is a landmark mixed-use development located in Riga, Latvia – one of the highest building complexes in the Baltics and Latvia’s first large-scale multifunctional project. The complex comprises two cylindrical glass towers, with the highest reaching 30 stories, and a total built area of approximately 89,000 sq m on a 9,192 sq m land plot in Riga’s most central location.
Tower One is a premium A-class office tower, and Tower Two is a residential tower comprising 196 apartments. The complex also includes a multi-level podium for events and commercial use, four renovated historic wooden buildings, and a four-level underground carpark with 628 spaces. The facade was designed by world-renowned architect Helmut Jahn, with interiors by Andis Sīlis.
The opportunity
Zunda Towers is being offered as a core-plus, income-oriented mixed-use asset. The office tower is already partly leased to financial institutions, IT companies, and state entities, generating immediate recurring income.
The residential tower offers significant strategic options, with a signed contract with a large international hotel operator for 149 hotel rooms on floors 20-30 (including conference facilities, SPA, and fitness centre).
Lower floors can be developed for branded residence sales, serviced apartments, or additional hospitality use. A third tower (approx 27,000 sq m A-class offices) and a food market/commercial space (approx 10,000 sq m) represent additional development potential on adjacent land plots.
Partners sought for this investment include institutional investors, hospitality operators and real estate developers interested in a stabilised Baltic landmark asset.
The financials
The two-tower project has an estimated replacement value of €330 million and is currently being offered at an asking price of €200 million, requiring an additional €30 million investment.
The office tower already generates stable, recurring income from institutional-grade tenants, and an agreement has been signed with a reputable hotel operator, supporting further income potential.
Project sponsor
SPI RE Holdings is a private company established for the development, management and sale of real estate in Latvia. The company focuses on implementing investment projects and efficiently managing properties in the local market.
Significance
Zunda Towers represents a transformational investment in Riga’s urban landscape: the first large-scale multifunctional real estate project in Latvia and one of the tallest complexes in the entire Baltic region.
The project brings A-class office space, premium residential and hospitality infrastructure, and cultural/event venues to Riga’s city centre, attracting international businesses, financial institutions and state entities.
It supports Latvia’s ambition to become a growing European capital, stimulates the local construction and services economy, and enhances Riga’s competitiveness as a destination for foreign direct investment.
The pitch
Zunda Towers offers a rare combination of a stabilised income stream, significant upside potential and strong downside protection, with a replacement value of €330m and around €30m of additional capital required.
The asset benefits from institutional-grade tenants and a signed hospitality agreement covering 149 hotel rooms, ensuring immediate income. Its mixed-use flexibility allows for residential, hotel or commercial use, adapting to market demand.
It combines strong connectivity with long-term growth potential. The building is a landmark asset equipped with high-spec infrastructure, including smart systems, EV charging, dual-fibre connectivity and 24/7 security.
