AS PN Project, the developer of the Preses Nama Kvartāls in Riga, will launch its eleventh bond tranche on August 17 for two weeks, offering an annual yield of 8.5%. The subscription period will run until August 28. As part of the issue, the company plans to raise €3 million to finance the final stages of the project's construction.

The 8.5% yield reflects the project’s significant progress and development momentum to date. Of the total €75 million planned to be raised, €62.7 million has already been secured through ten bond issues. As the project has progressed, the offered yield has gradually declined – from the initial 10% to 9.5%, to 9%, and now 8.5%. At the same time, investor interest has continued to grow with tranches being oversubscribed. The combination of declining yields and consistently strong demand demonstrates increasing investor confidence in the project and growing market conviction that execution risks are steadily diminishing. 

The minimum investment in this bond issue is one bond, priced at €1,034.8894 (nominal value: €1,000) including accrued coupon. Artea Bank is acting as the issue arranger, while Orion Securities UAB and Redgate Capital AS are acting as selling agents. The bonds carry the same ISIN LV0000104271, have 10% semi-annual coupon and maturity date of 4 June 2027. The subscription will last from August 17 to August 28 with the issue date of September 1. 

The bonds are secured by a first-ranking mortgage of €68.96 million on the properties of Preses Nama Kvartāls. The bonds are listed on the Nasdaq Baltic Bond List, providing investors with transparency and liquidity. 

Once complete, Preses Nama Kvartāls will stand among Riga's most modern A-class office centres, offering sustainable, energy-efficient office space for companies across various industries in one of Riga’s strategically important locations. Interest from potential tenants is also continuing to grow - in July alone, four new companies joined the business centre. In addition to increasing the amount of leased space, these companies bring significant added value by expanding the range of everyday services available to the office building’s tenants. 

About Preses Nama Kvartāls 

The development of Preses Nama Kvartāls is taking place in several construction phases. The first phase involves the construction of a Class A office building. The project's future development concept includes a medical or education centre, a hotel or residential building, office buildings, and other infrastructure facilities. The project developer is Lords LB Asset Management, whose total value of assets managed by the collective investment undertakings reached EUR 1.423bn at the end of December 2025. 

Lease agreements have already been signed at the Preses Nama Kvartāls Class A office building with several companies, including OP Bank, Deloitte, Vendon, VILGERTS, Berlin-Chemie/Menarini Baltic, Utilitas Wind and others. The first tenants are scheduled to move into the building in January 2027.

      Rasa Bartusevičienė
      Investor relations manager
      rasa.bartuseviciene@lordslb.lt
      +370 616 34096
      
      Povilas Urbonavičius
      Fund manager
      povilas.urbonavicius@lordslb.lt
      +370 687 9651
      
      Povilas Akstinas
      Financial director
      povilas.akstinas@lordslb.lt
      +370 686 55452