The information set out below has been provided by the company identified herein and is published solely for informational purposes. Nasdaq Baltic does not take responsibility for the accuracy, completeness, or timeliness of the content and assumes no responsibility or liability for any loss or damage arising from its use.
AS PN Project, the developer of the Preses Nama Kvartāls project in Riga, announces the launch of the third tranche of its bond program to secure funding for continued construction progress. The new tranche offers an annual interest rate of 10% with semi-annual coupon payments.
The subscription period for the third tranche will run from July 14 to July 28, with bonds maturing on June 4, 2027. The planned issue volume is up to 5 million euros, with a minimum investment of one bond and an issue price of 1016,7123 euros (nominal amount EUR 1000). The issuance is arranged by Artea Bank (formerly Šiaulių Bankas), with Orion Securities UAB and Redgate Capital AS acting as sales agents.
The Preses Nama Kvartāls bond program is structured to be issued in multiple tranches rather than as a single, upfront issue. This approach allows the company to match each tranche to the project’s phased construction needs – such as landscaping, structural works, façade installation, and interior finishing – ensuring efficient capital use and avoiding unnecessary costs on unused funds.
The first two tranches of the program have raised a combined total of more than 21 million euros, which is currently being used for ongoing construction activities, including façade installation and other works. This third tranche will support the next steps of construction, ensuring the project progresses according to plan. The development will deliver a modern business centre integrating office, retail, and public space infrastructure in a rapidly growing area of Riga.
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.
For additional information, please contact:
Rasa Bartusevičienė
Investor relations manager
+370 616 34096
rasa.bartuseviciene@lordslb.lt
Povilas Urbonavičius
Fund manager
povilas.urbonavicius@lordslb.lt
+370 687 9651
Igors Daņilovs
Financial director
igors.danilovs@lordslb.lv
+371 26765354
Information provided by AS PN Project