Evernord has successfully completed the second phase of the distribution of a €14.4 million bond issue by the Estonian real estate developer Endover, during which investors purchased €4 million worth of debt securities. The funds raised will be used to finance the construction of “Volta SKAI Tower B,” the second 12-story tower of the exclusive residential project “Volta SKAI.” This is already the second Endover project for which Evernord has helped secure financing. Last year, we issued bonds worth 8.8 million euros to finance the “Volta Gallery Lofts” residential project. Terms of the bonds issued for the development of the “Volta SKAI” project:

  • Annual interest rate: 8% (paid quarterly)
  • Bonds secured by a first mortgage on the real estate
  • Maturity date: June 8, 2027

„Currently, there is a very large supply of real estate developer bonds on the market, so investors have plenty to choose from and are carefully analyzing the offerings. The issuer’s experience, reputation, track record of previous issuances, evaluations of the project being financed, and other factors—including the country of origin—play a major role. Estonia has been and remains an additional mark of quality. This is already the second project by the experienced developer “Endover” for which we are securing financing, and we have previously contributed to the launch of large-scale real estate projects in Tallinn, such as “Büroo 31” and “Stellar.” “We’re seeing interest and support from investors, so we’ll continue to expand in this direction,” says Vismantė Šepetienė, Director of Evernord FMĮ. “Volta SKAI” is considered one of the most exciting residential projects in North Tallinn. The two 12-story towers will feature panoramic views of the Baltic Sea, Tallinn’s Old Town, and the city center. The total net saleable area of “Volta SKAI Tower B” will be approximately 4,300 m², including residential and commercial spaces as well as parking spaces. The total value of the entire project is approximately 21.7 million euros. “Volta SKAI Tower B” recently set an Estonian record—it was the site of the largest apartment sale in the country’s history: the buyer will pay nearly 4 million euros for a floor-to-ceiling apartment spanning more than 340 square meters, complete with a terrace of nearly 300 square meters.

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