AS PN Project, the developer of Preses Nama Kvartāls in Riga, has successfully completed the sixth tranche of its bond program, raising EUR 3 million in two and a half days. This short tranche was primarily intended for institutional investors, who accounted for 80% of the total amount raised, while retail investors contributed the remaining 20%. The succesful tranche will allow to fully redeem the previously issued UAB Preses Nams bonds.

Bank participation continues to strengthen: a Latvian bank invested directly in the previous tranche, and a Lithuanian bank has now invested in sixth tranche, demonstrating growing confidence in the project’s fundamentals and progress.

Since the launch of its bond program, PN Project has now raised around EUR 42 million. The proceeds have been used to reach key construction milestones at Preses Nama Kvartāls, including completion of the main structure, ongoing façade installation and internal engineering works. The bonds of PN Project are listed on the Nasdaq Baltic Bond List, providing investors with transparency and secondary market liquidity.

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