Construction of the first-phase Class A office building at Preses Nama Kvartāls in Riga is approximately 95% complete. Work is under way on tenant fit-outs, the final general construction and finishing works, and the landscaping of 14,000 sq. m of outdoor space, while preparations for the construction completion procedures have begun.

More than 25% of the office space has been leased. Lease agreements have been signed with OP Bank, Deloitte, Vendon, VILGERTS, Berlin-Chemie/Menarini Baltic, Utilitas Wind, UXDA and other companies. The first tenants are expected to move in as early as January 2027.

“The remaining EUR 5.5 million under the Preses Nama Kvartāls bond programme gives investors an opportunity to participate in a project that is now nearing completion. We are currently fitting out premises for tenants and preparing for the construction completion procedures,” says Povilas Urbonavičius, Head of Lords LB Special Fund V.

The bonds are secured by a first-ranking mortgage over the project’s real estate. The maximum amount of secured claims is EUR 76.4 million and will increase to EUR 82.5 million if this issue is fully subscribed. Since the first bond issue in May 2025, investors have received EUR 4.79 million in interest. EUR 69.5 million in bonds has been issued, around 93% of the EUR 75 million programme, and this issue is intended to complete it.

The issue is arranged by Artea Bank, with Orion Securities UAB and Redgate Capital AS acting as selling agents. The subscription period runs from 9 to 30 November 2026, and the planned issue date is 2 December 2026. The bonds mature on 4 June 2027, pay interest semi-annually and will be listed on the Nasdaq Baltic Bond List. The minimum investment is one bond, priced at EUR 1,004.2662.

About Preses Nama Kvartāls

Preses Nama Kvartāls is a mixed-use development on Ķīpsala in Riga, beside the Zunda Canal and five minutes from the Old Town. The first phase comprises an 11-storey Class A office building with retail and service premises. Subsequent phases envisage a medical or educational centre, a hotel or residential building and additional office buildings.

The project is developed by Lords LB Asset Management.