The statements highlight the successful resumption of construction in the first half of 2025. This was achieved through a newly established general contractor - a related entity within the Lords LB Special Fund V group - enhancing internal synergies and operational control.
In parallel with operational progress, the Group launched a EUR 75 million public bond programme in Latvia. Eight tranches have been successfully issued with a total nominal value of EUR 45,085,000 in 2025. The strong market reception of the programme reflects robust investor confidence in both the project’s underlying value and the Group’s strategic direction.
The bonds are secured by a first-ranking mortgage of approximately 49.6 million EUR over the assets of the Preses Nama Kvartāls project. According to the latest independent valuation in October 2025, the value of the pledged property has risen to 75.1 million EUR.
Furthermore, the Project has already generated substantial interest among high-profile tenants from the technology, legal, and pharmaceutical industries, with long-term lease agreements already executed. These companies are increasingly prioritizing energy-efficient, future ready workspaces situated in a strategically advantageous location in Riga with relocation to the Preses Nama Kvartāls Business Centre scheduled for the end of this year.
Looking ahead, the Group remains committed to maintaining construction momentum in line with the established timeline, with the opening of the Business Centre planned this year. To support the project’s capital requirements, AS PN Project plans to continue the phased issuance of additional tranches under the existing bond programme.
The FY 2025 Condensed Consolidated Financial Statements are available as an attachment.
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 1,338 billion euros as of June 2025.