Endover Issues 8.8 Million Euro Guaranteed Bonds with Evernord's Support

Evernord, an investment management company, successfully conducted a closed bond issue for Estonian real estate developer Endover in December, raising a total of 8.8 million euros. Bonds are being issued in tranches, with Endover issuing bonds worth 4 million euros in the first phase.

"The main purpose of the bond issue was to raise capital for the next phase of development of Volta Gallery Lofts with modern residential and commercial spaces. Understandably, it is gratifying to see that the confidence of Baltic region investors in Endover is high and the issue was successfully subscribed," said Endover's Finance Director Kadri Koplimäe, who confirmed that the company has extensive experience with various financing solutions through bonds, development loans, bridge loans, crowdfunding, and equity investments. "All market participants benefit from the addition of professional financiers like Evernord. Endover alone is preparing approximately 100,000 m2 of residential and commercial real estate, for which we are opening new financing opportunities in the near future," Koplimäe added.

The successful issue was conducted by Lithuanian asset management and investment company Evernord, which has previously organized financing rounds for major real estate projects. "In today's interest rate environment, secured bonds are a very suitable instrument for a strong developer to raise the necessary capital," emphasized Annaliisa Vinnal, Evernord's representative in Estonia, adding that the company plans to expand its activities in Estonia both in terms of investors and projects. In recent years, Evernord funds have also invested in Tallinn city center real estate projects such as Office 31 and Stellar.

The first tranche of the issue conducted in tranches was 4 million euros. The interest rate for two-year bonds is 9%, to which 3-month Euribor is added. The issue date of the bonds was 30 December 2024 and the maturity date is 30 December 2026. Interest payments are made four times a year. A total of 8,800 bonds with a nominal value of 1,000 euros are issued, totaling 8.8 million euros.

Volta Quarter is one of Tallinn's largest and most successful real estate developments. Endover is developing the industrial quarter, which has more than 125 years of history, based on the 15-minute city principle. The total development volume of the quarter is 142,000 m2, the development is planned to include over 750 apartments and more than 50,000 m2 of commercial space, a kindergarten, sports club and recreation park. The quarter already has 13 completed buildings, with 5 new ones under construction, including Volta HUB, Põhja-Tallinn's largest business and community center with nearly 40,000 m2 of new commercial spaces and homes.