The bonds were offered at a yield to maturity of 9.0%. The offering attracted wide investor interest, enabling AS PN Project to exceed its initial financing target. This time most of the interest came from Baltic retail investors with a total of 355 investors subscribing. As usual, more than half of proceeds came from Lithuania. Estonian investors contributed over 1/3rd of proceeds, while Latvian investors - remaining 10% of total proceeds. The offering took place in a competitive Baltic bond market and a higher interest rate environment, which was reflected in the yield offered.
The latest tranche brings the total amount raised under the bond programme to €69.5 million out of the planned €75 million in nominal terms, representing 93% of the overall bond programme. Capital raising continues gradually, ensuring that the financing pace remains aligned with construction progress and that the project's overall financing costs remain balanced. AS PN Project bonds are listed on the Nasdaq Baltic exchange, providing investors with transparency and liquidity.
Preses Nama Kvartāls continues to make progress towards completion. The first tenants are scheduled to move into the Class A office building in January 2027, while interest from potential tenants continues to grow.
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.
For additional information, please contact:
Rasa Bartusevičienė, Investor relations manager, email: rasa.bartuseviciene@lordslb.lt, phone: +370 616 34096
Povilas Urbonavičius, Fund manager, email: povilas.urbonavicius@lordslb.lt, phone: +370 687 96519
Povilas Akstinas, Finance director, email: povilas.akstinas@lordslb.lt, phone: +370 686 55452