Real estate developer AS PN Project, which is implementing the “Preses Nama Kvartāls” project in Riga, has successfully completed the first tranche of its bond issuance, raising EUR 15.95 million within three weeks. This is one of the largest real estate bond issues in the Baltic region this year.
The issuance attracted strong interest from both new investors and existing partners, with the latter choosing to roll over their previously acquired bonds (ISIN: LT0000408403) into the new issue. This result significantly strengthens the project's capital base and provides a solid foundation for its continued development.
To attract additional capital and accommodate investors who could not participate in the first tranche, AS PN Project is preparing to launch the second stage of the bond issuance in the near future.
About Preses Nama Kvartāls
The development of Preses Nama Kvartāls is carried out in several construction phases. The first phase includes A-class office building, with work on the phase B — a multifunctional center — set to begin upon its completion. The next phases will feature a ten-story office building with a modern educational institution. Renovation works of the existing "Preses nams" building are also planned. The project developer is "Lords LB Asset Management", whose total assets under management reached 1,331 billion euros by the end of December 2024.