Real estate developer AS PN Project has published its supplemented financial report for the first half of 2025. The report was supplemented with Management Responsibility Statement.
The report highlights the resumption of construction under a new general contractor, the resolution of all disputes with former contractors, and the successful launch of a EUR 75 million public bond programme in Latvia.
During the reporting period, the Group resumed construction under a newly appointed general contractor and resolved all outstanding disputes with former contractors, achieving full settlements. These steps have significantly improved the project’s outlook.
In parallel, the Group launched a public EUR 75 million bond programme in Latvia, successfully placing several initial tranches. Investor demand reflects confidence in the project and the Group’s long-term strategy.
Commenting on the results, CFO of PN Project Igors Daņilovs said: “The first half of 2025 marks a turning point for the project. By restarting construction and securing investor support, we have laid a solid foundation for the next phases of project development. We aim to continue shaping Riga’s image while introducing new opportunities for its residents to collaborate”
The full supplemented H1 2025 financial report is available in the attachment.
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. The further development of landplot includes a medical or educational center, hotel or residential building, an office building and other facilities. 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.