AS PN Project, the developer of Preses Nama Kvartāls in Riga, has successfully completed the fifth tranche of its bond program, raising EUR 8.7 million. This marks the project's second-largest tranche and one of the largest bond issues among Baltic real estate developers this year.

The fifth tranche saw growing participation from Latvian investors, who contributed 41% of the total amount, while Lithuania accounted for 51% and Estonia for 8%. In total, almost 400 investors participated, with institutional investors representing 33% and retail investors 67% of the amount raised. Baltic institutional investors demonstrated particularly strong interest in this tranche.

“The strong results of the fifth tranche demonstrate investors’ continued trust in Preses Nama Kvartāls. We are particularly proud that local banks chose to support the project as direct investors – a clear sign of the project’s strength and maturity. The funds raised will be used primarily to refinance existing bonds in Lithuania and continue ongoing construction works,” said Povilas Urbonavičius, Manager of Lords LB Special Fund V.

Construction at Preses Nama Kvartāls continues to advance, with the A-class office building’s structure completed and façade installation progressing. Installation of elevators and internal engineering systems will begin this year.

Following this tranche, the total amount raised under the bond program has reached around EUR 39 million. The overall program aims to raise up to EUR 75 million to ensure full financing for the project’s phased development.

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 concept of 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.

      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