Evernord Successfully Completed Endover Volta Development with 8.8 Million Euro Bond Issuance
Evernord successfully completed Endover's Volta development bond issue of 8.8 million euros
Evernord, an investment management company, successfully completed a private bond issue through which Estonian real estate developer Endover raised 8.8 million euros.
Evernord, an asset management and investment company that has previously organized financing rounds for large real estate projects, raised funds during Endover's issue primarily from Lithuanian, as well as Latvian and Estonian investors. "For Estonian companies, expanding the geographic reach of investors is becoming increasingly important when using such financing instruments," commented Annaliisa Vinnal, Evernord's Estonia representative.
The two-year bonds have an interest rate of 9%, to which three-month Euribor is added, with a total of 8,800 bonds issued with a nominal value of 1,000 euros. "Thanks to the recently completed private issue, the financing for the second phase of Volta Gallery Lofts development is secured and the project is on schedule," confirmed Kadri Koplimäe, Endover's financial director, and added that Endover has additionally prepared approximately 100,000 m² of residential and commercial real estate.
Volta quarter is one of Tallinn's largest and most successful real estate developments. Endover is developing this industrial quarter, which has a history of more than 125 years, according to the 15-minute city principle. The total development scope 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 areas with a park. 13 buildings have already been completed in the quarter, 8 new ones are under construction and preparation, including Volta HUB, North Tallinn's largest business and community center with approximately 40,000 m² of new commercial space and homes.
Endover is an Estonian real estate developer with more than 25 years of experience, creating value in urban space and building comprehensive residential and business environments. The company's portfolio includes 70 buildings and 2,840 apartments with a total area of 368,000 m².
Over the past couple of years, Evernord's funds have also invested in Tallinn city center real estate projects such as Office 31 and Stellar, and Novira Plaza Riga in Riga's city center, which was completed last year and also won the title of Latvia's real estate project of the year last year.
Evernord Group, which manages investments in Estonia, Latvia and Lithuania, provides asset management and corporate financing services, advises on asset and financial management matters, and currently manages five investment funds. The group's assets under management exceed 250 million euros.
