Invego Movie 1 SIA has signed a €29.8 million (€24.6 million plus VAT) with SIA “Aimasa” the construction contract of the first stage of Nordale residential district in Mežciems, Riga. Invego Movie 1 SIA is wholly owned by Invego Studio SIA, of which 30% is owned by Invego Latvia SIA, a wholly owned subsidiary of Invego Latvia OÜ, while 70% is owned by other investors.
The first phase of the project will include 159 apartments and commercial premises with a total development volume of approximately 19,500 square metres. Nordale is among Riga's most ambitious residential development of recent years. The old industrial area in Biķernieki forest in Mežciems, including the historic Riga Film Studio area, will be transformed into a modern urban space. The architectural concept for the first phase has been developed by SIA “Zenico Projekts”, and construction will begin following the completion of preparatory activities on the territory.
SIA “Aimasa” is an established construction company in Latvia with experience in large-scale residential and commercial projects. According to Invego, the choice of SIA “Aimasa” reflects the developer’s focus on long-term quality, reliability, and the ability to deliver complex projects in a timely manner.
Invego Group is a next-generation real estate developer operating in three countries, specializing in large-scale residential districts and commercial quarters with comprehensive, future-focused urban concepts. With over 10 years of experience, the group includes more than 60 companies across Estonia, Latvia, and Portugal, managing 30 active development projects. To date, Invego has developed over 150,000 m² of residential space (1,500 homes) and 50,000 m² of commercial property. Additionally, more than 500,000 m² of new development is currently underway in both residential and commercial segments.