Endover's Volta Residentsides Bond Issue Oversubscribed Ahead of Schedule
Endover has successfully completed its bond program aimed at its development company Pos11 OÜ, with a total volume of 14 million euros. During the final stage, 3.8 million euros were raised for the development of Volta Residences at Uus-Volta 6, and this was fully subscribed within two days.
The first and second stages of the bond program were oversubscribed and the third stage was filled ahead of schedule, confirming investors' continued strong interest in secured bonds and Endover's development projects.
According to Endo Tõnuver, CEO of Endover's board, investor confidence in their activities remains high and the financial market is favorable for the company. "This was the final stage of the program, development is moving at a very good pace and the financed assets will be ready by year-end. This gives investors confidence, which was also reflected in the popularity of the emission," said Tõnuver.
"Strong support gives us confidence and strength to look to the future, and we will soon be launching new programs on a larger scale than before. Thanks to strong sales in development projects covered by active bond programs, we can now start focusing on new emissions," noted Endo Tõnuver.
The bond program was related to the development of apartment buildings at Uus-Volta 6, where the construction of A-class energy-efficient new buildings in Volta Quarter will continue. The offering was characterized by a concrete and clear structure – the emission was linked to one specific development project and secured by a first-ranking mortgage.
"Endover stands out as a real estate developer with bold projects that attract considerable attention. In project financing, in addition to promising content, creating a structure suitable for investors is key. The emission generated great interest throughout the Baltics. As the organizer, I am pleased with both the strong interest from institutional investors and the considerable share of investors from Latvia and Lithuania," said Valeria Kiisk, partner at Redgate Capital.
Endover is one of the largest real estate developers in Estonia, with long-term experience in implementing diverse financing strategies. The company's previous bond projects have helped finance developments such as Ambassador and Volta Gallery Lofts. Previously, the developer has issued secured bonds related to real estate projects totaling approximately 40 million euros and plans to open similar opportunities in the near future.
In addition to constructing new buildings with A-class energy efficiency in Volta, the reconstruction of several historic industrial buildings will also continue. The first phase of the business and community center Volta HUB, together with the Baltics' most modern MyFitness sports facility, will be completed by the end of this year, and the planning final phase includes two unique high-rise buildings in the area with a total of 111 apartments and commercial spaces. These will be built at the intersection of Kalaranna, Tööstuse and Krulli streets.
The latest phase of Volta Residences is part of a large-scale development of Volta Quarter, which will transform Tallinn's historic industrial area and give it new life. The area will have approximately 142,000 m² of residential and commercial space, modern infrastructure, parking solutions, a kindergarten and a 15,000 m² park area.
Facts about Volta Quarter:
· Detailed plan covers 11.25 hectares
· Total development volume 142,000 m²
· 90,000 m² of residential space and 52,000 m² of commercial space will be completed
· Total 29 buildings, including 755 apartments
· Approximately 1,400 parking spaces, plus bike parking
· Kindergarten and 15,000 m² park area
· New infrastructure and streets: Mootori, Uus-Volta, Krulli
· Completion date 2029, when approximately 25,000 people will live and work in the area
