Affordable Housing for Latvian Professionals

This project is one of the largest public-private partnership (PPP) housing development projects in Latvia, implemented by the State Joint Stock Company “Valsts nekustamie īpašumi” (VNĪ) in cooperation with municipalities and private sector partners. The project focuses on the development of the housing stock to promote balanced regional development.

Affordable rental apartments will be allocated to specialists designated by local municipalities, supporting the availability of qualified professionals across the regions.

General information

Housing stock

The project is designed to develop a modern and energy-efficient multi-apartment housing in 18 municipalities throughout Latvia. In partnership with the public and private sectors, a total of 2336 apartments will be delivered across two project bundles.

Location

► Bundle 1 – Rīga, Tukums, Jēkabpils, Daugavpils, Gulbene, Cēsis ►Bundle 2 – Liepāja, Sigulda, Rēzekne, Kuldīga, Olaine, Ķekava, Smiltene, Aizkraukle, Alūksne, Ventspils, Jelgava, Gulbene, Rīga, Līvāni.

Capital Investments

► Bundle 1: EUR 128 million ► Bundle 2: approximately EUR 100 million ►Estimated capital investments: EUR 228 million

Project Implementation

PPP Model

Design, Build, Finance, Maintain, Operate

Payment method

Availability payment

Public Partner

VNĪ

Procurement Method

Competitive Procedure with Negotiation

Procurement Process

PIN 17/08/2026

Availability Period

25 years

Benefits for Investors and Partners

Trusted partner

Establishing a long-term partnership with the public sector, ensuring lower investment risk and stable, regular returns.

Risk allocation between partners

Public–private partnership allows risks to be shared, thereby reducing the financial risk for individual investors.

Public reputation

Partnership with state or municipal institutions enhances the private partner’s reputation by demonstrating social responsibility and contributing to the well-being of society.

Predictable revenues

Project revenues are stable under a long-term contract and are not influenced by changes in market rental or sales prices, as payments are secured by the public partner.

Role of State Joint Stock Company “Valsts nekustamie īpašumi” (VNĪ) in the Project

Implementation

VNĪ ensures the preparation and implementation of the PPP housing project, including planning, organisation of procurement procedures, and contract management throughout the entire project life cycle.

Supervision

Oversees the project’s implementation by monitoring compliance with quality, sustainability, energy efficiency, and functional requirements.

Expertise

Consolidates and represents the interests of the state, ensuring a professional approach to the application of the PPP model and efficient resource management.

Cooperation

Coordinates cooperation between the state, municipalities, and the private partner, ensuring balanced and goal-oriented project implementation.

Name and surname

E-mail

Phone

Subject

Company country  *

Company *

Industry *

Subject *

In July 2024, VNĪ signed an advisory agreement with the European Investment Bank (EIB) to provide comprehensive advisory consultations for structuring the programme and support the financial and economic assessment of Bundle 1.

To ensure the implementation of Cabinet Order No. 900 of 22 December 2025, “On the Affordable Housing Programme through Public-Private Partnership and the Launch of the Public-Private Partnership for Lot 1 of the Programme,” a contract for financial and legal advisory services for the PPP procedure was concluded on 27 March 2026 with SIA “Deloitte Latvia”.

Under Bundle 1 of the programme, the construction of affordable rental housing is planned on high-readiness land plots in six cities:

► Riga – Tīnūžu Street (no specific address), Mežrozīšu Street 39, 41, 45, and Ozolciema Street 62;
► Tukums – Smilšu Street 54;
► Jēkabpils – Celtnieku Street 3B;
► Daugavpils – Nometņu Street 103;
► Cēsis – Festivāla Street 45;
► Gulbene – Malienas Street 2.

Memorandum of Understanding with Municipalities

Research, financial calculations

Preparation of procurement documentation

Contract with a private partner

Construction works

Asset transfer to municipalities

2024

2025

2026

2027

2028

2030

Memorandum of Understanding with Municipalities
2024

Research, financial calculations
2025

Preparation of procurement documentation
2026

Contract with a private partner
2027

Construction works
2028

Asset transfer to municipalities
2030

Data Room
Investor Materials

The link below provides downloadable technical information for each location (Data Room):
→ 2026_08_07_Data Room – 1st Bundle

State Real Estate (SRE) is currently preparing the procurement for the development of affordable rental housing for specialists in Latvia across eight sites located in six municipalities. The project will be delivered as a Public-Private Partnership (PPP), and the procurement procedure for the selection of the private partner will be launched shortly.

For your convenience, the Data Room contains the following information for each development site:

Topographical surveys;
Geotechnical investigation reports;
Utility providers' statements and technical requirements;
Information provided by the relevant building authorities;
Other information relating to the development sites or the forthcoming procurement procedure.

All documents are available in PDF format. The original documents are held by SRE.

The information available in the Data Room is intended to assist interested economic operators in assessing the opportunity to participate in the procurement procedure and in preparing for it.

Each interested economic operator is solely responsible for independently and carefully assessing the relevance, completeness and adequacy of the information and documents made available in the Data Room for the purposes of deciding whether to participate in the procurement procedure and, if so, for preparing its initial tender, participating in the dialogue process, submitting its Best and Final Offer (BAFO), and potentially performing the PPP Agreement if awarded the contract. Each interested economic operator is solely responsible, at its own cost and using its own resources, for obtaining any additional information, documents, investigations or studies that it considers necessary or appropriate.

All information and documents made available in the Data Room are provided for information purposes only. Accordingly, no person shall be entitled to rely upon them as being complete, sufficient, accurate, exhaustive or unchanged.

The documents and information contained in the Data Room may be updated, supplemented, amended and/or reduced at any time before the launch of the procurement procedure and throughout the procurement process.

Neither the Data Room as a whole, nor any individual document or item of information contained therein, shall constitute, be interpreted as, or give rise to any legally binding representation, warranty, commitment or undertaking by the Republic of Latvia, State Real Estate (SRE), any participating municipality, or any of their respective institutions, either in relation to the content of such information or documents or in relation to the launch, scope or terms of the procurement procedure.

Neither the Republic of Latvia, State Real Estate (SRE), nor the participating municipalities shall bear any financial, legal or other liability for the information and documents made available in the Data Room or for any loss, damage, cost or expense incurred by any third party as a result of relying on such information or documents.

Please also note that each Public-Private Partnership project in the Republic of Latvia (including projects divided into two or more bundles) constitutes a separate and independent project, implemented in accordance with its specific objectives, applicable legislation and the relevant PPP Agreement. Accordingly, no information or documents contained in this Data Room should be interpreted by reference to, or relied upon in connection with, any other Public-Private Partnership project that has been, is being, or may in the future be implemented in the Republic of Latvia.

Investor briefing ENG pdf.
Banks interested in collaboration

Investor Day Materials
Presentations:
Project Framework
Financial Parameters
Legal Parameters
Technical Parameters
Video Recording
Investor day participants

Affordable Housing for Latvian Specialists – Q&A

The cost assumptions are result of detailed and extensive analyses and incorporate inflation.

Basements are not part of the current scope, and no change is foreseen. They may be considered as an optional enhancement at the private partner’s initiative.

The 2.7 m height remains as specified in the technical requirements.

The number of stories is at the private partner’s discretion, provided the unit programme, technical specifications are met and it is as per Latvian regulations.

The public partner provides engineering surveys as indicative information. The private partner may carry out additional surveys during the procurement procedure to verify ground and topographical conditions for the preparation of a more detailed offer

The public partner will review the opportunity to prepare arboricultural surveys where appropriate.

The participating municipalities are committed to the programme. SRE will facilitate coordination with the relevant municipal departments to support timely decision-making. However, responsibility for the design and construction, including completion of construction by the proposed date, lies with the private partner.

Third-party damage is addressed within the PPP contract

The Private Partner's sole revenue stream under the Contract is the Availability Payment, payable quarterly by the Public Partner for so long as the asset meets the contractually defined Availability and Performance Requirements. All parties are expected to honour the PPP contract without any government or municipal guarantee.

Turnover and Assets under Management are different types of measures of the financial and economic standing depending on company type. Turnover is the applicable metric for developers, construction companies, and similar industry-related contracting entities. While assets under Management are the applicable metric for funds and institutional investors. A Candidate (or Consortium member) must satisfy the threshold using only that one specific metric that corresponds to the type of the respective company or fund. These metrics are not interchangeable or supplementary to each other.

In July 2025, VNĪ initiated advisory cooperation with the Council of Europe Development Bank (CEB) for the preparation of financial and economic calculations for Bundle 2. This cooperation will support effective risk management and ensure long-term financial sustainability in accordance with the strategic objectives of the overall PPP housing programme.

Under Bundle 2 of the programme, the construction of Affordable housing is planned on high-readiness land plots in fourteen cities:

► Liepāja – Ezerlīču Street 6;
► Sigulda – Saules Street 6C, 6D;
► Rēzekne – Maskavas Street 19, 21;
► Kuldīga – Aizputes Street 7;
► Olaine – Jelgavas Street 28A;
► Ķekava – land plot “Aprikozes”;
► Smiltene – Pļavas Street 2;
► Aizkraukle – Bērzu Street 13;
► Alūksne – Alsviķu Street 8, 10;
► Jelgava – 2nd Line (no address);
► Ventspils – Riņķa Street 48;
►Gulbene – Marisas iela 1;
►Rīga – Mežezera iela 5;
►Līvāni – no address.