AS PN Project notifies that the issue size of second tranche has been increased from the initial EUR 5 million to EUR 5.4 million due to investor demand. No other amendments have been made to the Final Terms of the second tranche issue under the public bond programme. The amended Final Terms are attached to this notification.
Thus, the results of the second tranche offering are as follows:
Real estate developer AS PN Project has successfully completed the second tranche of its bond issue for the Preses Nama Kvartāls development, raising €5.4 million. The tranche was oversubscribed, reflecting continued strong investor interest.
This follows the first tranche, which raised €15.9 million, and the proceeds from both tranches will fund further development of the business centre in Riga, integrating office, retail, and public spaces in a rapidly growing district.
“The fact that we raised more funds than initially planned in this bond placement indicates that the project is seen as promising and that investors believe in its success,” said Povilas Urbonavičius, manager of Lords LB Special Fund V. “We remain committed to creating a vibrant, sustainable urban space in Riga.”
AS PN Project is planning to issue additional bond tranches in the near future, continuing its phased financing approach.
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.