Invego agrees to buy Riga’s Skonto site for a future urban district

Estonian real estate developer Invego has reached an agreement to acquire the property housing Riga’s Skonto football stadium. The company says it plans to transform the site into a modern urban district.

Football will continue at the stadium for another five years. Founder and chief executive Kristjan-Thor Vähi believes Latvia will have a new national stadium in the coming years and argues that Skonto Stadium, which has reached the end of its useful life, will then no longer be needed.

Vähi said Invego has developed a concept for a district connecting Riga’s historic centre with the newer Skanste neighbourhood. He said he had told key officials about the five-year commitment, including the president of the Latvian Football Federation, the chair of Riga City Council’s Urban Development Committee and the city’s chief architect. He said he was confident that these five years will give them sufficient time to find a solution for developing the new national stadium.

LETA previously reported that the Latvian Football Federation signed a letter of intent with Adventika Group in early 2026 concerning the acquisition of Skonto Stadium for the national football stadium project. That proposal involved reconstructing the existing stadium while using its current infrastructure, in cooperation with the Latvian government, Riga City Council, UEFA and FIFA. LFF secretary general Arturs Gaidels had confirmed to LETA that both a stadium in Lucavsala and a redevelopment of Skonto Stadium remained under consideration.

Edgars Bergholcs of the United List, chair of the Urban Development Committee, has proposed reviewing the existing football infrastructure plans and relocating the planned national stadium from Lucavsala to Skanste, next to Xiaomi Arena. Under that proposal, the area could eventually become a multifunctional sports and events centre with supporting infrastructure.

Invego comprises more than 60 companies in Estonia, Latvia and Portugal and is implementing 30 development projects. It has developed more than 150,000 square metres of residential space, about 1,500 homes, and 50,000 square metres of commercial property. In Riga and the surrounding region it is developing eight residential districts, including three with Reterra and one with EfTEN Special Opportunities Fund.

In Latvia the group operates through SIA Invego Latvia, which has 17 additional subsidiaries registered in the country. Firmas.lv lists Invego Latvia as registered in 2023 with share capital of five million euros. Its sole shareholder is an Estonian company of the same name, and Vähi is listed as the ultimate beneficial owner.