The proceeds from this bond placement will finance the development of the Verde project in Riga, adding 22,500 sq. m. of rentable office space in the Skanste district.
A total of 560 investors participated in the placement, with 48% from Latvia, 43% from Lithuania, and 9% from Estonia.
"Demand exceeding four times the initial offer is a clear signal of confidence in our strategy. Previous successful issuances, with a combined volume of over €50 million, further confirm this trust. Given such strong demand, we plan to offer investors another opportunity to acquire fund bonds in the near future," said Fund Manager Gintaras Toločka.
Of the allocated bonds, 25.9% went to institutional investors, while 74.1% were allocated to retail investors. The average investment amounted to slightly over EUR 23,000. Orders for up to five bonds were fully executed, while larger orders were distributed proportionally using a 19.42% coefficient, rounded down to the nearest whole unit.
The bonds carry an annual interest rate of 8% and mature on August 12, 2028. Each bond has a nominal value and minimum investment amount of EUR 1,000. The issuance was distributed by Artea Bank (Lead Manager) and Signet Bank (Co-Manager).
"Such significantly exceeded demand shows that Baltic investors are increasingly recognizing high-quality real estate projects and are willing to participate in them over the long term. The Verde project stands out with its clear development strategy, high sustainability standards, and proven rental success, making it natural that it attracted such wide interest from regional investors," said Eglė Džiugytė, Head of the Financial Markets Department at Artea Bank.
The Green Verde Project – EUR 150 Million Investment in Riga
Currently, the A and B buildings of the green Verde office complex are fully operational, offering 30,000 sq. m. of rentable office space. Both buildings are fully leased, hosting several dozen international and local Latvian companies, including KPMG, Swisscom DevOps, and Worldline Latvia.
The C and D buildings will expand the Verde complex with an additional 22,500 sq. m. of A+ grade office space, providing approximately 2,500 new workplaces. The third phase, Building C, is expected to be completed in Q2 2027, with Building D commencing next year and finishing in Q2–Q3 2028.
Upon completion of all development phases, Verde will offer over 50,000 sq. m. of A-class rentable office space in central Riga for 5,500 employees, with a total investment in the project amounting to approximately EUR 150 million.