Merito Partners (Merito), in collaboration with experienced real estate developer InCity Capital, has commenced development of Skanstehof, a new residential project at Hospitāļu Street 49 in Riga. The total investment in the project will amount to nearly €4M, with completion and handover scheduled for 2027.
Located in the quiet yet well connected Skanste–Brasa district, the eight story Skanstehof building will feature 33 modern, bright and energy-efficient 2-3 room apartments in a prime location with spacious terraces in all apartments. The building is situated where one of the quietest and greenest streets in the center meets Skanste – the newest and most contemporary neighborhood in the capital. The building’s architecture perfectly complements the visual rhythm and architecture of Hospitāļu Street. Alongside the buildings, each reflecting its own historical era, the Skanstehof project brings an aesthetic and functionality to the streetscape that is appropriate to our time and requirements. The development will cover 2,300 square meters on a 724 square meter plot and will include ground floor storage units, private parking, and a children’s playground. The top floor will house three penthouse style apartments, while the average apartment size across the project will be 58 square meters.
Merito is acting as the project’s financial partner, investing both its own capital and funds from private investors in Latvia. To facilitate this investment, Merito has established a new vehicle – Merito Real Estate Special Fund VIII – with a total fund size of €1.5M. Fundraising is currently underway, with a strategic focus on attracting local capital.
“One of Merito’s strategic priorities in real estate is investing in high-quality, energy efficient new developments. With 75% of residential transactions currently concentrated on two and three room apartments, and interest rates trending downward, buyer activity has already increased compared to 2023 and 2024. InCity Capital is one of the few Latvian developers with more than 20 years of industry experience and a proven track record in new construction. Following a thorough evaluation of both the developer and the project, we see strong return potential in this investment. Skanstehof is an A-class energy efficient development featuring a well planned and compact layout. Situated in the peaceful Skanste–Brasa district, it appeals to professionals and families seeking proximity to the city center,” said Oto Davidovs, Partner at Merito Real Estate Fund.
Mihails Petrišins, representative of InCity Capital, added: “Merito’s involvement as a financial partner reinforces the strength of the Skanstehof project and enables us to move forward confidently toward our 2027 completion target. Site preparation and foundation work will begin in November 2025, and apartment reservations are already underway.”
The architectural concept for Skanstehof has been developed by Layout 17, with architects Pēteris Strancis, Rihards Čakstiņš, Margrieta Kalniņa, and Linda Stiglica. Project management is led by Nikolajs Arājevs.
For more information, visit the website and follow the project on social media. The project brochure in Latvian is available here.