AS PN Project, the developer of Preses Nama Kvartāls in Riga, has made the first coupon payment to investors under its public bond program and is now launching the eighth tranche, offering a 9.5% annual yield with semi-annual coupon payments. The proceeds will be used mostly to continue construction works at the Preses Nama Kvartāls office building.

The planned issue volume of the eighth tranche is up to EUR 4 million, with bonds priced at EUR 1,011.7163 (nominal value EUR 1,000). The subscription period runs from 8 December to 19 December 2025, and the bonds will mature on 4 June 2027. The issuance is arranged by Artea Bank, with Orion Securities UAB and Redgate Capital AS acting as sales agents.

Following the full redemption of the UAB Preses Nams bonds issued in Lithuania under the 2023 bond program, all earlier obligations have been settled. The AS PN Project bond program now remains the sole financing structure secured by a mortgage on the Preses Nama Kvartāls property, with the current mortgage amounting to EUR 41.4 million.

Since the launch of its bond program, PN Project has raised more than EUR 43 million, representing approximately 72% of the total required financing for the project. The bonds of AS PN Project are listed on the Nasdaq Baltic Bond List.

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
      rasa.bartuseviciene@lordslb.lt
      +370 616 34096
      
      Povilas Urbonavičius
      Fund manager
      povilas.urbonavicius@lordslb.lt
      +370 687 9651
      
      Igors Daņilovs
      Financial director
      igors.danilovs@lordslb.lv
      +371 26765354