HAGBERG Invests €7 Million in Regional Housing Development, Launching 60-Unit Rental Project in Tukums
30.04.2026.
Real estate developer HAGBERG Development has secured €6.5 million in financing from ALTUM for a 60-apartment rental housing project in Tukums, at 32A Raudas Street. The total project cost amounts to €7 million. The plan is to construct a modern, energy-efficient residential building, expanding the availability of high-quality rental housing in the city.
New 60-Apartment Rental Housing Project in Tukums
“The availability of rental housing outside Riga remains a significant challenge for regional development. This project is part of HAGBERG’s long-term investment strategy, supported by ALTUM financing. In Tukums, our goal is to create a high-quality, safe, and sustainable living environment,” emphasizes Ivars Lukaševičs, Member of the Board of HAGBERG.
The project envisages the construction of a five-storey apartment building with 60 units in various layouts, including both two-room and three-room apartments. A landscaped outdoor area with infrastructure for residents’ daily needs will also be developed. Apartments will be delivered to tenants fully finished and equipped.
ALTUM Financing and EU Support for Rental Housing Development
The project will be implemented with ALTUM financing under the European Union Recovery Fund program “Loans for the Construction of Low-Rent Housing with a Capital Rebate.”
Construction is scheduled to begin in 2026 and will last approximately 14 months, with the building expected to be commissioned by December 31, 2027. The project will be carried out in cooperation with the Tukums municipality, which will determine the allocation procedure and priority resident groups.
Growing Demand for Rental Apartments in Tukums
The Executive Director of Tukums Municipality, Ivars Liepiņš, notes: “We see every day that demand for high-quality, modern rental housing in Tukums is high. This project is an opportunity to improve the quality of life for current residents and to attract new ones.
The availability of quality housing is an important prerequisite for attracting young professionals, who are needed by the municipality, its capital companies, and local businesses. We highly value investor initiative and cooperation that contributes to the development of Tukums!”
After the building is commissioned, HAGBERG will ensure its professional management and maintenance. The company continues to expand its rental housing portfolio in the Riga metropolitan area and across Latvia’s regions, with projects also underway in Mārupe and Liepāja.
