Tallinn/Riga/Vilnius, Nasdaq Baltic Market, September 25, 2025 – Nasdaq (NDAQ) announces that bonds issued by Arco Vara, an Estonian real estate developer, have been listed on the Nasdaq Baltic Bond List by Nasdaq Tallinn as of today.
The bond issue amounts to EUR 15 million, with each bond having a nominal value of EUR 100. The bonds carry a fixed annual coupon rate of 8.8%, with quarterly payments, and will mature on September 24, 2028.
The listing of the bonds follows the public bond offering by Arco Vara to Estonian retail and institutional investors, and Latvian and Lithuanian institutional investors. Based on the demand for the bonds, which totaled EUR 21.9 million, the base amount of the offering – EUR 10 million – was oversubscribed by more than twofold. A total of 3,392 investors subscribed to the bonds.
“It is exciting to see Arco Vara, a company that was listed on the Nasdaq Baltic Share List 18 years ago, now also being listed on the Baltic Bond List," said Kaarel Ots, Head of the Nasdaq Baltic Stock Exchanges and CEO of Nasdaq Tallinn. "The Baltic bond market has never been as active as it is today, and it is good to see Arco Vara landing a very successful bond offer to finance their ambitious real estate development project in Tallinn," Ots added.
“We are extremely pleased that our first public bond offering received such strong investor interest and was oversubscribed more than twofold. Raising capital through bonds gives a wider range of investors the opportunity to be part of Arco Vara's next growth phase, while offering them an attractive return with a stable interest rate,” said Kristina Mustonen, CEO of Arco Vara. “We will direct the funds received from the bond issue to the construction of Luther Quarter, which will become a new attraction in the center of Tallinn and create long-term value for both the community and investors,” added Mustonen.
Arco Vara is a real estate group established in Estonia in 1992, operating mainly in Estonia and Bulgaria. Arco Vara shares have been listed on Nasdaq Tallinn stock exchange since 2007.
Nasdaq Baltic represents the combined offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius stock exchanges as well as Nasdaq CSD. For more information, visit nasdaqbaltic.com.
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Media Contacts:
Ott Raidla
Nasdaq Tallinn / Nasdaq Baltic Market
Marketing and Communications Manager
ott.raidla@nasdaq.com
+372 5552 4824