RIB Finances Riga Rental Project by Vicman’s Capital

The AS Regional Investment Bank (RIB) continues to support urban development in Latvia, recently providing EUR 1.6 million in financing to SIA “Vicman’s Capital” for a rental project near Riga’s historical center. This funding will refinance existing liabilities and support the completion of construction and future development phases.

Project Details: Ģertrūdes Street 131/133

SIA “Vicman’s Capital” currently owns a renovated five-story residential building at 133 Ģertrūdes Street, Riga, comprising 33 furnished apartments. The financing from RIB will contribute to finishing the construction of this building and developing the adjacent land at 131 Ģertrūdes Street. The long-term vision is to create a modern and orderly urban environment within the block.

The project aims to increase the supply of quality rental housing in Riga and enhance the aesthetic and functional qualities of the neighborhood. Plans for the adjacent plot include the construction of 216 compact, energy-efficient rental units. The ground floor of the fresh building is slated to house a restaurant, fostering a vibrant urban atmosphere.

Investment and Development Plans

According to Raimonds Vikmanis, Chairman of the Board of SIA “Vicman’s Capital,” the total planned investment for the new project could reach EUR 13 million. The company intends to consistently develop sustainable rental housing projects that meet market demand, adding value for residents and the urban environment.

RIB’s Commitment to Urban Revitalization

RIB actively supports projects that revitalize territories, improve architectural quality, and enhance neighborhood competitiveness. Recent projects financed by RIB include:

• Augustine Garden (Grīziņkalni): EUR 1.4 million in funding for the reconstruction of three building blocks, creating 34 apartments with parking and storage. This project received a nomination for the “Architecture of the Year Award 2025” by the Association of Latvian Architects.
• Kārļas Ulmaņas Street 96: EUR 2.6 million for the reconstruction of a building to house a CUPRA car showroom and the AUTOBRAVA Body Repair Center.
• Kaļķu Street Block (Kuldīga): Funding for the improvement and expansion of a recreational and event space in Kuldīga, managed by SIA “Finst”.

Aleksandrs Jakovlevs, Chairman of the Board of RIB, emphasized the importance of a well-developed urban environment for sustainable economic growth, quality of life, and investment attraction. RIB prioritizes collaboration with local entrepreneurs who demonstrate a long-term vision for sustainable development and urban improvement.

Company Information

SIA “Vicman’s Capital” was registered on March 3, 2022 (Registration number: 50203384331, VAT code: LV50203384331). The company’s registered address is Rīga, Ģertrūdes iela 133. As of February 4, 2026, the company’s paid share capital is EUR 62,800.00. The company currently has one employee and no reported debts as of the latest available data. Okredo, Lursoft, and firmas.lv provide further details on the company.