AS PN Project, the developer of the Preses Nama Kvartāls in Riga, has successfully closed its ninth bond issue, raising EUR 9.12 million. The final amount significantly surpassed the initial target of EUR 3 million, reflecting robust investor confidence in the project's development and long-term potential within the Baltic commercial real estate market.

The bond offering attracted a diverse pool of private and institutional investors across the Baltic states, highlighted by exceptional interest from retail investors. Their high participation rate underscores the project's broad appeal and the market's trust in high-quality developments backed by real and secured assets. Investment distribution by country shows 54% of capital originating from Lithuania, with the remaining 46% from Latvia and Estonia.

The threefold oversubscription confirms investor confidence in a project that is already a prominent feature of the Riga cityscape. The proceeds from this issue will be utilized to fund the ongoing construction of the Preses Nama Kvartāls office building, specifically focusing on interior finishing, the installation of engineering systems, and ensuring working capital to maintain the trajectory toward the planned commissioning.

Since the launch of the new bond program, AS PN Project has raised EUR 54 million at nominal value, representing 72% of the total bond program.

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 1,338 billion euros as of June 2025.