Merito Partners and InCity Capital Launch EUR 4 Million Riga Residential Project

Construction is underway on Skanstehof, a novel residential development in Riga, Latvia, resulting from a partnership between investment firm Merito Partners and real estate developer InCity Capital. The project represents a EUR 4 million investment and is expected to deliver 33 apartments in spring 2027.

Project Details

Located at 49 Hospitāļu Street in Riga, Skanstehof will be an eight-story building encompassing 2,300 square meters of space. The development will feature 33 two- and three-room apartments, each with a terrace and full interior finishing. The average apartment size will be 58 square meters. Three penthouse apartments are planned for the top floor. The building is designed to meet energy efficiency class A standards, aiming for comfort and low operating costs.

Investment and Financing

The total investment in Skanstehof is planned at EUR 4 million. Merito Partners established the Merito Real Estate Special Fund VIII in 2025, with a volume of EUR 1.45 million, to support the project. Financing similarly includes EUR 2.92 million from BluOr Bank [Merito Partners News]. Merito Partners is investing both its own capital and funds from Latvian private investors, actively fundraising for the project.

Partners and Construction

InCity Capital is the developer of the Skanstehof project, and Merito Partners serves as the financial partner [LinkedIn]. Construction began in December 2025 and is being carried out by SIA “AMP Projekts,” a partner of InCity Capital. Architectural management is provided by “Layout 17” [Facebook].

Statements from Leadership

Mihails Petrišins, Chairman of the board of InCity Capital, stated that Skanstehof represents the first new building project implemented by the company and marks a new stage in its development. He also noted strong demand for high-quality housing near the center of Riga.

Additional Amenities

The project includes plans for 11 surface parking spaces, a children’s playground, and storage facilities for belongings and bicycles in the common areas.