Endover Raised 4 Million Euros in Bond Issuance for Volta SKAI B Tower Construction

Real estate developer Endover's project company Volta SKAI B OÜ raised 4 million euros through the second series of a bond issue organized by Evernord. The capital will be used to build the second tower of the Volta SKAI high-rise duo, which is becoming a new landmark in North Tallinn.

The second series of the Volta SKAI B bond issue was participated in by 32 investors, with an average investment of 125,000 euros. The largest portion of capital was raised from Lithuania, where 29 investors subscribed to bonds worth a total of 3.65 million euros. Estonian investors invested 300,000 euros and Latvian investors 50,000 euros. Among the investors were 18 individuals and 14 companies, with companies accounting for 57 percent of the capital raised. The coupon rate on the bonds is 8 percent per annum and the yield of the second issue was 7.8 percent. The issue was fully subscribed before the end of the subscription period.

"The strong sales of Volta SKAI apartments and the project's progress to date made it possible to reduce the yield of the second bond series compared to the previous one. This shows that investors value both the project's development and the developer's experience and project quality behind it," said Evernord's Estonian representative Annaliisa Vinnal.

In the first series of Volta SKAI B OÜ's 14.4 million euro bond program, 9.2 million euros were raised in June. Again, the largest portion of investments came from Lithuania. Estonian investors subscribed to bonds worth 1.3 million euros. Bond interest is paid quarterly, their face value is 1,000 euros and the maturity date is June 8, 2027. The bonds are secured by a first-rank mortgage.

"The project is on schedule and on budget, and at the same time we see strong demand for Volta SKAI homes. The rapid completion of the bond issue confirms that, in addition to homebuyers, professional and private investors also believe in the project," said Endover's financial director Kadri Koplimäe.

Public sales of apartments and commercial spaces in the Volta SKAI B tower began in July. Even before the start of public sales, what is reportedly the most expensive apartment transaction in Estonian real estate market history was concluded in the building: a SKAI Villa spanning an entire floor with an area of over 340 square meters found an owner for nearly 4 million euros.

The Volta SKAI, which is becoming a new landmark for North Tallinn, consists of two 12-story high-rise buildings with a total area of 18,600 square meters. The duo will have a total of 111 apartments, characterized by ceilings up to 3.8 meters high, floor-to-ceiling windows, and balconies and terraces with curved design. The project's architecture is by ARS Projekt and the main contractor is Metropoli Ehitus. The first Volta SKAI homes will be completed in the fourth quarter of 2026, and tower B will be fully completed in the second quarter of 2027.