AS PN Project, the developer of Preses Nama Kvartāls in Riga, is launching its tenth bond tranche on May 18, offering a 9% annual yield to maturity with semi-annual coupon payments. The proceeds from the bond issuance will be used to finance the completion of construction and interior fit-out works of the Preses Nama Kvartāls office building, which is scheduled for completion by the end of 2026, as well as to ensure sufficient working capital.

The planned issue volume of the tenth tranche is up to 5 million EUR, with a bond price at 1 008,8618 EUR (nominal value of 1,000 EUR). The subscription period runs from May 18 to May 29, 2026, while the bond maturity date is set for June 4, 2027. The issuance is arranged by Artea Bank, with Orion Securities UAB and Redgate Capital AS acting as sales agents.

The bonds are secured by a first-ranking mortgage of approximately EUR 59.35 million over the assets of the Preses Nama Kvartāls project. According to the latest independent valuation, the value of the pledged property has risen to EUR 75.1 million.

As Preses Nama Kvartāls is the only Class A business center scheduled to open in Riga this year, it is experiencing growing interest from potential tenants. New agreements are being signed regularly, expanding the tenant portfolio with high-profile companies. Recent lease agreements have been signed with VILGERTS, Berlin-Chemie/Menarini Baltic, and Utilitas Wind. Interior fit-out works have commenced to provide tenants with tailored solutions and a workspace designed to their specific requirements.

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 1,423 billion euros by the end of December 2025.