Estonian real estate developer Invego has reached an agreement to acquire the property housing Riga’s Skonto football stadium, with plans to transform the site into a modern urban district in the future, the company has announced.
At the same time, the developer has confirmed that football will continue to be played at the stadium for another five years.
Invego founder and CEO Kristjan-Thor Vähi believes Latvia will have a new national stadium in the coming years. Once that happens, he argues, the existing Skonto Stadium, which has reached the end of its useful life, will no longer be needed.
Vähi explained that Invego has developed a concept for transforming the area into a district connecting Riga’s historic centre with the newer Skanste neighbourhood.
He added that preparing a development project of this scale would take at least three to five years.
According to the company’s CEO, the existing Skonto Stadium will remain available for football for the next five years.
Vähi said he had informed key officials involved in the development of Latvia’s new national stadium about this commitment, including the president of the Latvian Football Federation (LFF), the chair of Riga City Council’s Urban Development Committee and the city’s chief architect.
“I am confident that these five years will give them sufficient time to find a solution for developing the new national stadium,” Vähi said.
Skonto Stadium is currently owned by SIA Adventika Group.
As previously reported by LETA, 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.
The proposal involved reconstructing the existing stadium while making use of its current infrastructure.
The national stadium project was intended to be developed in cooperation with the Latvian government, Riga City Council and international football organisations, including the Union of European Football Associations (UEFA) and the International Federation of Association Football (FIFA).
LFF Secretary General Arturs Gaidels previously confirmed to LETA that both options, constructing a stadium in Lucavsala and redeveloping Skonto Stadium, remained under consideration.
He emphasised that one of the main criteria for choosing between the projects would be their economic viability.
Meanwhile, Edgars Bergholcs of the United List (AS), chair of Riga City Council’s Urban Development Committee, has proposed reviewing the existing football infrastructure development plans.
He has suggested relocating the planned national football stadium from Lucavsala to the Skanste neighbourhood, next to Xiaomi Arena.
Under this proposal, the area could eventually develop into a multifunctional sports and events centre supported by appropriate infrastructure.
The Invego group comprises more than 60 companies operating in Estonia, Latvia and Portugal and is currently implementing 30 development projects.
The company has developed more than 150,000 square metres of residential space, representing approximately 1,500 homes, as well as 50,000 square metres of commercial property.
A further 500,000 square metres of residential and commercial space is currently under development.
In recent years, Invego has built new homes for more than 1,000 families in Tallinn and its surrounding areas.
Its largest completed developments include Vana-Peetri, Tiskreoja and Tabasalu Kodu.
Other major residential projects currently under development include Luccaranna, Uus-Järveküla, Keila Pargikodud and Verve.
In Riga and the surrounding region, Invego is developing eight residential districts, including three in partnership with Reterra and one in cooperation with EfTEN Special Opportunities Fund.
The company is also developing Silves Hills, a 65-hectare residential district in southern Portugal.
In Latvia, the group operates through SIA Invego Latvia, which has 17 additional subsidiaries registered in the country.
According to information from Firmas.lv, Invego Latvia was registered in 2023 and has share capital of five million euros.
The company’s sole shareholder is an Estonian company of the same name, Invego Latvia, while Kristjan-Thor Vähi is listed as its ultimate beneficial owner through ownership rights.