Endover closed Volta SKAI B tower bonds' final stage with 1.2 million euros: high-rises to be completed in the first half of next year

Volta SKAI B OÜ, a company related to real estate developer Endover, raised 1.2 million euros through bonds, which completed the entire 1.4 million euro bond program to finance the construction of the Volta SKAI B tower located in North Tallinn. The Volta SKAI duo of high-rises will be completed in full during the first half of 2027, but the first homes are planned to be handed over to buyers by the end of this year.

In addition to bonds, the construction of the B tower is financed with equity capital and proceeds from pre-sales. Previously, Endover has also secured the financing for the A tower with a bank loan.

In the latest issue of Volta SKAI B OÜ, before the end of the subscription period, three companies and four individuals from Lithuania subscribed in full, with an average investment of 171,429 euros. The yield of the issue was 7.8 percent per annum.

Evernord, which manages investments, conducted the Volta SKAI B OÜ bond program through three closed offerings. The first issue raised 9.2 million euros, the second 4 million euros, and now in October the final 1.2 million euros. A total of 120 investors participated in the program through Evernord with an average investment of 109,166 euros.

The largest part of the program's capital, 12.4 million euros or 86 percent, was provided by Lithuanian investors. Estonian investors invested a total of approximately 1.6 million euros through the sales agent Redgate Capital and Evernord. In addition, investors from Latvia and the United Arab Emirates participated.

"The financing of Volta SKAI B proceeded as planned and construction is also on schedule and within budget. Alongside bonds, we are financing the construction of the B tower with equity capital and money from pre-sales. We will hand over the first homes to buyers by the end of this year, but both towers will be fully completed in the first half of next year," said Endover's Finance Director Kadri Koplimäe.

"The completion of the program demonstrates that Baltic investors trust the projects of Estonian developer Endover, as they have strong security and the developer has a reliable track record. For investors, the competitive yield, regular interest payments, and first-class mortgage were also important," said Annaliisa Vinnal, Estonia's head of Evernord.

The nominal value of Volta SKAI B OÜ bonds is 1,000 euros, interest is paid quarterly, and the maturity date is June 8, 2027. The bonds will be registered on Nasdaq on the date of issue, October 28. The bonds are secured by a first-class mortgage. Law Firm Hedman Partners & CO acts as the collateral agent, Ellex Raidla Law Office is the legal advisor, and AS Redgate Capital is the sales agent in Estonia.

The Volta SKAI high-rises reached their peak height on October 7 this year, and construction is proceeding according to the confirmed schedule and budget. In the fourth quarter, apartments on the lower floors will gradually be completed, facade and roof work will be finished, and outdoor areas will be developed.

In the A tower, 34 percent of the sellable space has been sold or reserved, and in the B tower 14 percent. The 12th floor of the B tower was sold in a single transaction: the sale of the SKAI Villa, over 340 square meters in size, for nearly 4 million euros is reportedly the most expensive apartment transaction in Estonian real estate market history.