Real estate developer AS PN Project has launched the second tranche of its bond programme to support the ongoing development of the “Preses Nama Kvartāls” business centre in Riga.
The new issue, targeting up to EUR 5 million, offers a 10% annual interest rate, paid semi-annually. The minimum investment during the bond offering is one bond, with an issue price of EUR 1,006.0274 (nominal value – EUR 1,000). The bonds mature on 4 June 2027. The offer period runs from 6 June to 20 June 2025. The issue date will be 26 June 2025.
This additional tranche was initiated in response to continued investor interest and to accommodate those who were unable to participate in the previous stage of the programme.
The issuance is arranged by Artea Bank (formerly Šiaulių Bankas), with Orion Securities UAB and Redgate Capital AS acting as sales agents.
The bonds are secured by a mortgage on the Preses Nama Kvartāls real estate, valued at EUR 62.6 million (as of 30 September 2024). Funds will be used to refinance existing liabilities, continue construction, and support working capital.
The first tranche, issued in June 4th, successfully raised EUR 15.95 million and attracted broad interest from both retail and institutional investors across the Baltics.
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.