Real estate developer AS PN Project has published its audited consolidated financial results for 2024, highlighting a year of strategic progress. Key milestones included a EUR 18.3 million capital increase from its main shareholder, the resumption of Phase A construction through sister company PN Construction Latvia, and the successful launch of a EUR 75 million bond programme.
As a key step to strengthen the company’s balance sheet, Lords LB Asset Management Special Fund V increased AS PN Project’s share capital by EUR 18.3 million at the end of 2024, demonstrating continued support for the Preses Nama Kvartāls project.
After a brief pause due to geopolitical factors, construction has resumed in February 2025 under the new company SIA “PN Construction Latvia.” The first phase — an 11-storey, BREEAM “Excellent” certified A-class office building — is planned be completed in 2026. The revised structure was reflected in the 2024 property revaluation by Newsec.
Following the reporting period, AS PN Project resolved its contractual dispute with the former contractor YIT Lietuva, clearing the path for project execution.
On 12 May 2025, the company successfully launched the first tranche of a EUR 75 million public bond programme, raising nearly EUR 16 million. The proceeds will support ongoing construction and working capital needs. Additional tranches may follow depending on market conditions and investor demand.
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.