€8.8M Bond Issuance for Endover’s Project
Investment management company Evernord has successfully completed a private bond issuance, enabling Estonian real estate developer Endover to raise €8.8 million.
Evernord, which has a strong track record in arranging financing for large-scale real estate projects, attracted investors primarily from Lithuania, as well as from Latvia and Estonia. “For Estonian companies, expanding the geographical reach of their investor base is becoming increasingly important when utilizing such financing instruments,” noted Annaliisa Vinnal, Evernord’s representative in Estonia.
The two-year bonds carry an interest rate of 9% plus a three-month Euribor, with a total of 8,800 bonds issued, each with a nominal value of €1,000. “Thanks to this successfully completed private placement, the next phase of the Volta Galerii Lofts II development is now fully funded, ensuring the project remains on track,” stated Kadri Koplimäe, CFO of Endover. She also highlighted that Endover is preparing an additional 100,000 m² of residential and commercial real estate projects.
The Volta Quarter is one of Tallinn’s most significant and successful urban developments. Endover is revitalizing the 125-year-old industrial district, transforming it in line with the 15-minute city concept. The development spans 142,000 m², featuring over 750 apartments, 50,000 m² of commercial space, a kindergarten, a fitness center, and a park with recreational areas. To date, thirteen buildings have been completed, with another five to eight currently under construction or in preparation. Among these is Volta HUB, North Tallinn’s largest business and community center, offering nearly 40,000 m² of new commercial and residential space.
With over 25 years of experience, Endover is one of Estonia’s leading real estate developers, specializing in integrated residential and commercial environments. Its portfolio includes 70 buildings and 2,840 apartments, covering a total area of 368,000 m².
Evernord has also made significant real estate investments in central Tallinn, including Büroo31 and Stellar, as well as Novira Plaza Riga, which was completed last year and awarded Latvian Real Estate Project of the Year.
The Evernord Group, which manages investments across Estonia, Latvia, and Lithuania, provides asset management, corporate financing, and wealth advisory services. Currently managing five investment funds, the group’s assets under management exceed €250 million.
Evernord Bond Fund surpasses €10 million
"The Evernord Bond Fund, an open-ended fund for informed investors within the Evernord Group, has surpassed EUR 10 million in size and is now on track to reach its target size of EUR 50 million. The bond fund was launched in July last year. The fund's portfolio currently includes 30 different corporate bonds.
The fund is currently invested in corporate bonds from 14 different industry sectors and the issuers of the bonds in the portfolio are from 12 different countries.
At the end of February, the Evernord Bond Fund's investments by sector were dominated by manufacturing (15%), financial services (13%) and other services (10%). By country, the Fund invested mainly in Germany (22%), Latvia (14%), Spain and France (11% each). In Lithuania, 8% of the fund's current value was invested.
"Evernord Bond Fund's strategic objective is to offer investors a wide selection of bonds from different sectors, while reducing the risk of concentrations of securities from the real estate (RE) sector in client portfolios. The Fund has set a target that the share of real estate in the total portfolio should not exceed 15%.
"We consider it a great success that we have managed to raise more than EUR 10 million in the first half of the year and we expect to continue our strong growth. The fund is attractive to investors because it can offer a very broad diversification of investments by sectors and regions, thus significantly reducing the risk in the home market - the Baltic States. We have a strict investment structure and aim for a share of 2-3% per position in the portfolio," notes Gintaras Rutkauskas, Manager of Evernord Bond Fund and Director of Evernord Asset Management. - Now is still a good time to lock in interest on bonds, as the yield on debt securities is comparable to the long-term return on equities. Particularly in the volatile economic environment under US President Donald Trump, the price stability of bonds is significantly better than that of equities."
Rutkauskas adds that the macroeconomic environment is also driving the search for attractive investment avenues. On 6 March this year, the European Central Bank (ECB) lowered its base interest rate to 2.5%. Markets expect at least two more cuts to 2% in 2025, and if economic growth slows down, it is possible that the ECB could cut interest rates even faster. These actions will have a positive impact on corporate finances, but yields will fall, so it is important to lock in higher interest rates, says the manager of Evernord Bond Fund.
"Evernord Bond Fund is the first fund of its kind in Lithuania to have a limited investment period of 1.5 years from the start of distribution until the end of this year. At the end of the investment period, a portion of the fund's units will be redeemed and dividends will be paid out on a quarterly basis, thus generating a recurring income for the fund's investors every quarter. The fund aims at an annual return of 8-9%.
"Evernord Bond Fund bonds are selected and evaluated by a team of professionals with extensive experience in the corporate finance sector. The fund's team has a long-standing partnership with the Finnish Evli Group and other Scandinavian financial market players to ensure bond diversity. The Scandinavian bond market currently exceeds EUR 300 billion and is the second largest in Europe.
€7.3 million raised for Stellar in Tallinn
EUR 7.3 million raised for Stellar in Tallinn
"Evernord Real Estate Fund V, Evernord's closed-end fund for informed investors, has raised EUR 7.3 million to finance the construction of a multi-storey residential building in central Tallinn, Estonia. A total of EUR 54 million is to be invested in the construction of the 16-storey residential building, known as the Stellar Tower.
Evernord Real Estate Fund V seeks an annual return to investors of 15%.
"Stellar rises in a particularly attractive location in Tallinn, within a 10-minute walk of the Old Town. Tallinn Railway Station is about 1.5 km away, while the sea and airport are 2.5 km away. This location is experiencing the highest demand for new housing. The Estonian housing market is now likely to have rebounded and is showing signs of recovery. There is a perceived recovery in the more expensive housing segment, with customers willing to pay more than EUR 9 000 per square metre for a prestigious home. "Evernord's long experience in managing real estate funds allows us to select the most promising projects for investors. "Stellar is one of them", says Gintaras Rutkauskas, Director of Evernord Asset Management.
According to the developers and contractors, Stellar will be an energy-efficient building that will incorporate innovative solutions to reduce pollution. The modern, urban and resident-friendly architecture will contribute to the sustainable development of Tallinn.
"This project offers future residents all the amenities of a city while at the same time offering peace and privacy. The most important infrastructure for residents - schools, kindergartens, parks, sports grounds, shops, restaurants and cafes - are within walking distance. Once home, residents can enjoy the quiet interior space of the building, offering a variety of recreational opportunities," says Nikolay Kryzhanovskiy, Partner and Managing Director of Novira Capital, about the project. .
"Stellar is scheduled for completion in mid-July 2027. Stellar will have a total area of 15,606 sqm. A building permit was obtained in autumn 2024 and a general construction contract was signed with the contractor Oma Ehitaja in December. The building will meet Energy Class A and LEED Gold certification standards.
"Evernord and Novira Capital have collaborated on a number of outstanding real estate development projects, including the Novira Plaza Riga business complex in Riga, the capital of Latvia, and a prestigious villa complex in the Marbella region of Spain.
Result for the year: €130 million of capital raised
Evernord, a group of investment and wealth management firms, has raised almost €130 million of investor capital in 2024 to finance a wide range of projects for issuers in real estate, finance and other sectors. "The Evernord Group welcomed 160 new clients in 2024. The company also confirmed a number of important transactions in the market last year, including the acquisition of M-1 radio stations by the 15 min Group.
In comparison, in 2023 Evernord was involved in the financing of projects worth €64 million.
"2024 was an exciting and dynamic year. After the boom years of 2022-2023, last year saw some corrections in the market, which convinced us that professional preparation and the ability of both the issuer and the underwriter to assess the situation, not only in the "here and now", but also in a medium-term perspective, are crucial for every bond issue. Last year was a year of new opportunities, just like the year before, and Evernord was able to make the most of these opportunities. The active start of this year indicates that we will invite investors to join promising projects in 2025 as well," says Vismantė Šepetienė, Director of Evernord FMI.
"Among the significant achievements of the last year, Evernord lists the first round of fundraising of Evernord Marbella Property Fund I, established by Evernord Asset Management, a company belonging to the group, during which investors entrusted EUR 8.5 million to a prestigious villa project in the Spanish resort region of Marbella.
In addition, a new open-ended fund for informed investors, the Evernord Bond Fund, was launched last year with the aim of opening up more diversification opportunities and exploiting the potential of the corporate bond markets in Scandinavia and other regions. To date, the fund has attracted almost €10 million in investor funding.
"In 5 months of operation, the Fund has made 23 new investments in different corporate bonds. The Fund's objective is to offer investors a broader geographic and sectoral spread, so our investments are spread across 10 different countries, 11 different industries and we continue to expand. Investors in Lithuania can easily choose real estate bonds, and some investors' portfolios are dominated by this type of investment. We aim to offer an alternative to both geography and real estate," notes Gintaras Rutkauskas, Manager of Evernord Bond Fund and Head of Evernord Asset Management.
The geography of Evernord Bond Fund's investments currently covers Germany, Scandinavia, Spain, France, the United Kingdom, Poland and the Netherlands. The Investment Committee has approved 38 potential investments and continues to actively monitor the market and analyse new potential companies. The Fund is open to new investors seeking higher returns in non-real estate sectors.
Among other important projects in the financial sector, Evernord mentions the non-public issue of EUR 2 million of subordinated bonds by the Lithuanian specialist Fjord Bank in 2024. The bonds have a 10-year maturity and an annual yield of 14%. As Evernord points out, the issue allowed investors to lock in higher returns over a longer period at the right time.
"Evernord also regularly distributes structured products from its long-standing partner Evli Bank of Finland, which open up a wider range of investment instruments for investors to choose from and recruit in other regions of the world, such as the US and Europe. Last year, EUR 17 million worth of Evli products were distributed to investors in Lithuania. "Evernord Group is Evli Bank's representative in the Baltics.
Another example of Evernord's long-standing and successful partnership is the regular bond issues of debt management company Legal Balance. During 2024, Evernord FMI Evernord has raised EUR 7 million in investor funds in several phases for the expansion of Legal Balance.
"The Evernord Group, which is active in capital raising, investment fund management and real estate project management, is also increasing its turnover in other segments, including the provision of accounting services for securities and funds of private limited liability companies and transaction registration. Last year, Evernord UAB FMI approved one of the most significant transactions in the Lithuanian media market - the acquisition of the M-1 group of radio stations by 15min Group.
€4 million for the Endover project
Evernord FMI has placed a EUR 4 million private placement of bonds of Estonian real estate developer Endover. The funds will finance the new construction phase of Endover's Volta Gallery Lofts residential project in the prestigious northern part of Tallinn.
The bonds issued bear an annual interest rate of 9% + 3-month Euribor and will be paid quarterly. The bonds are secured by a mortgage and mature on 30 December 2026.
"In the current interest rate environment, mortgage-backed bonds are a very attractive tool for established developers to raise the necessary capital. "Evernord has previously helped finance large-scale real estate projects in Tallinn, Estonia, such as Büroo 31 and Stellar. We will continue to strengthen our presence in the Estonian market, as we have a close feeling for the needs of investors in the Baltic region and can meet them in close cooperation with them," said Vismantė Šepetienė, Director of Evernord FMI.
"We are pleased that the Baltic investors trust Endover and that the bond issue was successful. The funds raised will be used to further finance the Volsta Gallery Lofts project, which includes modern residential and commercial space. We are confident that the addition of investment professionals such as Evernord to the project will be beneficial for all market participants," noted Kadri Koplimäe, CFO of Endover.
"Endover has been present on the Estonian real estate market for 25 years and is one of the leading companies in its segment. The company contributes to the development of the Estonian capital by seamlessly integrating residential and commercial spaces and creating value for both residents and the city as a whole. The company's portfolio comprises 70 buildings and 2,840 apartments with a total area of 368,000 sqm.
The northern part of Tallinn is the fastest growing residential and business area, and Volta District is one of the largest and most successful real estate development projects in Tallinn. Endover is transforming a former industrial district with a history of more than 125 years, based on the concept of a "15-minute city", where residential, commercial and leisure facilities are arranged in such a way as to avoid the need to travel far for everyday needs.
Endover's total development in the area covers 142,000 sqm, with over 750 apartments, over 50,000 sqm of commercial space, a kindergarten, a sports club and recreational parks. The district already has 13 buildings under construction, with 5 new buildings under construction, including Volta HUB, the largest business and community centre in North Tallinn, which offers almost 40,000 sqm of new commercial space and housing.
€2 million more in bonds for business expansion
Financial brokerage firm Evernord has completed the placement of another private placement of bonds by debt management company Legal Balance. In this issue, investors lent EUR 2 million to the company for a period of 3 years and 8 months, at an annual interest rate of 6.2% and 6-month Euribor.
"Legal Balance intends to use the funds raised by the bond to further invest in the acquisition of debt portfolios.
The bonds issued by Legal Balance are secured by collateral. Annual interest will be paid to investors quarterly and the maturity date is 10 July 2028.
"We have been working with Legal Balance for more than four years and have issued several bond issues during this period. We can see that Legal Balance is focusing on strengthening its professional team, is able to assess the risks in the debt management market and is firmly committed to its long-term strategic goals. This provides a basis for investor confidence. We are pleased to be able to contribute to Legal Balance's business development and their goal of maintaining an optimal capital structure," says Vismantė Šepetienė, Director of Evernord.
"We are delighted to have a strong partnership with Evernord, whose professional efforts are helping us to further expand our business. Consistent work, well thought out steps in raising investor capital allow us to move forward and continue to invest in the acquisition of debt portfolios. With each bond issue, we feel the confidence of our investors and we take on the obligation not to deviate from our strategic goals, as this is a key factor for our long-term success," notes Marius Šlepetis, CEO of Legal Balance.
"Legal Balance operates in Lithuania and Latvia in the areas of debt recovery, purchase and administration. In the first half of 2024, Legal Balance Group generated revenues of EUR 4.5 million, 10% more than in the same period last year. In the first half of this year, the company invested over EUR 6.5 million in debt purchases, bringing the portfolio of purchased debt under its management to EUR 103 million.
"Evernord has already issued a total of 15 Legal Balance bond issues, including the latest one. They have raised a total of EUR 13.79 million, representing 55.8% of Legal Balance's current debt obligations.
https://www.linkedin.com/posts/evernord_evernord-obligacijos-bonds-activity-7263507612749414400-k_w2
Bonds: still an attractive business class
"The Head of Evernord Asset Management participated in the Business News Conference, where he shared his insights on the opportunities and risks of equities and bonds.
The Lithuanian bond market has seen a lot of activity in the last year and a half. The list of companies choosing to borrow in bonds rather than in banks has grown considerably and investors have had the opportunity to record double-digit annual returns on bonds. Gintaras Rutkauskas, Director of Evernord Asset Management, part of the Evernord Group of companies, says bonds should remain in investors' sights for the foreseeable future as a potentially attractive asset class.
According to Rutkauskas, the upturn in the bond market is mainly due to a reduction in bank lending to corporates, especially from the real estate (RE) sector. As the European Central Bank (ECB) started to raise interest rates rapidly in mid-2022, the demand for real estate, especially office space, dropped and banks slowed down their lending to property developers. The latter soon found a solution and turned to bonds, i.e. decided to borrow directly from investors.
"A bond and a bank loan are very similar instruments, except that a bank lends as a single lender, whereas a bond borrows from many smaller lenders. It is possible that peer-to-peer lending platforms have also provided the impetus for the rise in bonds, as they have shown a very clear model of how lending works when a single entity borrows and there are many lenders," Rutkauskas reflects. - Meanwhile, the bank plays the role of an intermediary between the business that wants to borrow and the depositor who has the funds."
Message to investors: it's not too late
What does the bond market look like from an investor's point of view, now and in the near future?
"The lucky ones have already boarded the most attractive carriages of the bond train. Those who bought fixed-rate bonds can certainly be satisfied with their investment at the moment, as they have not only recorded attractive returns, but their own bonds are appreciating in value. It is important to remember that as interest rates fall, bonds become more expensive. This is exactly what is happening now, as the ECB is gradually lowering base rates and EURIBOR interbank rates are also falling at a similar pace," notes the head of the asset management company.
He stresses that it is not too late to buy bonds in the near future: the long-term return on bonds is similar to that of equities, but the reliability is higher. Specific technical parameters such as volatility or drawdown, which refers to the reduction in the value of an investment portfolio from its relative peak to its relative trough, speak in favour of bonds. These are important parameters for investors to consider and bonds have historically been twice as low as equities.
"When a company is in bad shape, shareholders' capital is used first and then it's the turn of bonds. Bonds also come in several levels. Hybrid subordinated bonds, which are usually issued by banks, are inherently closer to equities than bonds and are riskier. Meanwhile, bonds with collateral are the best choice, such as the bonds distributed by Evernord to the Latvian company Marijas 2 SIA, which borrowed funds to invest in the construction of the Novira Plaza Riga business complex in Riga. In this case, all assets are pledged to all bondholders, so such bonds are the safest," he says.
He adds that the attractiveness of the bonds is also enhanced by their liquidity - they can be transferred when funds are needed, or simply if there is no longer a need to hold such an investment.
Bonds from the real estate sector dominate
The fact that real estate dominates the distribution of bonds by sector in Lithuania is not a unique feature of Lithuania, according to the head of Evernord Asset Management. Bonds in this sector are also popular in Scandinavian countries, he says, and in general, the prevalence of this form of lending in different business sectors depends on the economic structure of a particular country.
"In Lithuania, real estate sector bonds really outweigh them, accounting for about half of all issues. Most of the rest is financial sector corporate bond issuance, with only a very small share going to other sectors. "In Evernord's open-ended, high-yield Evernord Bond Fund, we aim to balance bonds by sector, based on the principle that no single sector should account for more than 15% of the fund. This allows for maximum diversification of risks, especially if we also spread the investment geographically. I have to admit that finding companies in other sectors that are willing to borrow bonds is a challenge," says Rutkauskas, the fund manager.
For companies that have access to a bank, the process may seem easier, especially if it is not the first time borrowing. In the case of bonds, it is a different process, requiring compliance with the Bank of Lithuania's requirements in preparing documentation and establishing successful cooperation relations with bond issuers and distributors. Entering the bond territory for the first time may seem like more effort, which still discourages some businesses from this borrowing route.
"However, if it is not the first time a company has issued a bond, and it knows what materials to prepare, everything goes smoothly and relatively quickly. Businesses that have issued their own debt during the recent surge in the bond market have seen this," says Rutkauskas.
Trends: there are unknowns
Speaking about macroeconomic trends in the short term and their impact on the investment environment, the head of Evernord Asset Management stresses that interest rates are moving confidently in one direction - downwards. The only question is at what pace they will fall and at what threshold they will stop.
"Economists assume that the ECB's base rates will stop at 2-2.25%, which is likely at the end of next year. The dynamics of EURIBOR are similar to those of the ECB, for example, base rates are now 3.5% and the 6-month EURIBOR rate is around 3% (mid-October data). This reflects the market's expectation that the ECB will continue to cut interest rates in the near future," Rutkauskas said.
According to him, the 2-2.25% interest rate threshold could be changed by factors that are currently unknown, such as oil appreciation. This could be caused by intensified tensions in the Middle East and the partial or total elimination of Iran from oil supply.
Rutkauskas suggests that stock and bond markets should be carefully evaluated when building investment portfolios. Stock prices are relatively high, while corporate bonds remain relatively cheap and their returns are still high.
In terms of sectors, interest rate sensitive businesses are worth looking at. The most prominent examples are real estate, energy generation and utility companies, which are heavily invested in equipment and infrastructure, resulting in high leverage and a significant interest cost component.
"As interest rates fall, the costs of these companies will fall and their performance will improve. So these sectors - real estate, utilities, some of the manufacturing segments that invest heavily - could be prioritised for investment. In any case, bonds remain a more attractive asset class than equities in the medium term," says G. Rutkauskas, Head of Evernord Asset Management.
https://www.vz.lt/izvalgos-verslui-2025/2024/10/28/obligacijos-ar-ne-velu-investuoti
Legal Balance: new bond issue
Financial brokerage firm Evernord has launched a new bond issue by debt management company Legal Balance, raising EUR 2 million in investor funds. Legal Balance intends to use the funds raised by the bond to make further investments in the acquisition of past due portfolios.
"Legal Balance borrowed on the bonds at a fixed interest rate of 6.2% per annum plus 6-month EURIBOR.
The bonds issued are secured by collateral. Annual interest will be paid to investors quarterly and the maturity date is 10 January 2028.
"Evernord has facilitated the entire series of Legal Balance bond issues, each of which has been a component of the company's well-considered, sequential growth. Operating in a debt management market that is still a mystery to many, the Legal Balance team understands the importance of risk assessment and is not distracted by either its direct activities or its capital-raising plans. We are proud to grow together," notes Vismantė Šepetienė, Director of Evernord.
"We have been active in the debt management market for 14 years, and the last few years have been a year of successful expansion through bond investor capital raising. Our client base is expanding and we are growing our investments in portfolios of overdue liabilities. We also continue to strengthen our team of professionals and innovate to manage our debt portfolio efficiently. It is a pleasure to know that we can always count on our strong long-term partners Evernord in this business growth journey," comments Marius Šlepetis, CEO of Legal Balance.
In 2023, Legal Balance Group generated revenues of EUR 7.5 million, 13.6% more than in 2022.
In almost four years of cooperation, Evernord has already placed a total of 14 Legal Balance bond issues, including the latest one, of which 9 are currently active. They have raised a total of €11.3 million, representing 44.4% of Legal Balance's total current debt commitments.
"Evernord has a strong track record of regular issuances of long-term project bonds. One of the most notable recent projects is the EUR 42.75 million bond of the Latvian company Marijas 2 SIA, issued in May this year. This financed the construction of the modern business complex Novira Plaza in Riga.
Evernord Bond Fund launched
"Evernord Asset Management, the asset management company of the Evernord Group, has launched a new open-ended fund for informed investors, the Evernord Bond Fund, which will provide investors with a new opportunity to diversify their investments and to exploit the potential of the growing Baltic corporate bond market. It will also target the Scandinavian and other markets for diversification purposes.
"The last two years have been exceptional in terms of rapidly rising interest rates as the European Central Bank seeks to rein in inflation. Now, inflation rates have eased significantly and the ECB is already cutting interest rates. We believe that this is a good opportunity to fix high interest rates for a longer period, as in some cases bond yields are close to stock market returns, but with less risk. We are well acquainted with and analyse Baltic issuers and follow their performance and new issues. We hope that investors will benefit from this experience and experience", explains Gintaras Rutkauskas, Manager of Evernord Bond Fund and Director of Evernord Asset Management.
"The annual return sought by the Evernord Bond Fund will reflect attractive bond market returns with broad diversification, as the fund will consist of investment positions from 30-50 different issuers, thus minimising risk for investors. This is the first fund of its kind in Lithuania with a limited investment period of 1.5 years from the start of distribution. At the end of the investment period, a portion of the fund's units will be redeemed quarterly and dividends will be paid. After 5 years from the start of the distribution, the remaining amount will be paid out.
The founders of the fund point out that there is a growing number of companies in the Baltic States raising capital through private and public bond issues. There are currently over 50 different issuers in the bond market and the number is growing. The dominant sectors are energy, finance and real estate, but they are complemented by issuers in other sectors such as retail, agriculture and utilities.
"Evernord Bond Fund managers also monitor the Scandinavian bond market, which exceeds EUR 300 billion. The Fund's investment prospects in Scandinavia are favoured by the Evernord Group's long-standing cooperation with its partner Evli Bank of Finland and other Scandinavian banks.
The fund expects to earn a portion of its returns from bonds issued outside the Baltic region, which are expected to account for up to 25% of the total portfolio.
"Evernord Asset Management also manages four real estate funds in Lithuania, Latvia, Estonia and Spain.
https://www.vz.lt/rinkos/2024/07/09/evernord-paleido-regiono-imoniu-obligaciju-fonda
€8.5 million for a prestigious complex in Marbella
"Evernord Asset Management's Evernord Marbella Property Fund I has raised EUR 8.5 million in the first fundraising round for a project in the Spanish resort region of Marbella.
The funds raised in the first phase will be used to acquire a 1.16 hectare plot in the prestigious Cascada Camojan area of Marbella. The project will divide the plot into 6 smaller plots, which will be used for the design of individual villas of approximately 1,000 square metres.
The planned size of Evernord Marbella Property Fund I is EUR 17 million.
"The south of Spain has quite quickly become one of the most desirable destinations for Lithuanian investors, so it is no longer necessary to say much about geography, climate or value drivers. On the other hand, we do not hear many success stories of Lithuanian investors from this region on a larger scale, so we had some doubts before the capital raising process. All doubts were dispelled by the strong interest and favourable evaluations from investors. The project financed at this stage is truly exceptional - the supply of plots in the central part of Marbella is very limited, so the demand for premium housing remains very high, regardless of the season or economic cycle. Investors appreciated the proposal as well prepared and very suitable for geographical diversification of the portfolio", said Gintaras Rutkauskas, Director of Evernord Asset Management.
"Evernord is developing the Marbella project together with its Estonian partners Novira Capital, which has a 25% equity stake in the project. The project will be overseen by experienced local partners in Spain, the Marbella-based real estate brokerage company Solvila, which has already developed more than 150 projects and specialises in the sale of high-end properties.
The architectural competition was won by AMES arquitectos, a local architectural firm specialising in the design of prestigious villas. The company has completed more than 160 projects with both developers and individual clients.
"Marbella Property Fund was established in 2022 with the aim of enabling investors to invest indirectly in prestigious real estate in the Marbella region. The Fund will make its investments through a Special Purpose Vehicle (SPV), which is managed together with the project partners.
"Evernord Marbella Property Fund I is accounted for by M-Finance UAB and the custody of the fund's assets is provided by Swedbank AB. The financial audit of the Fund will be carried out by Rosk Consulting UAB.
The Marbella region is a part of the Costa del Sol on the southern coast of Spain, with a high demand for real estate. Analysts predict that property prices on the Costa del Sol will continue to grow faster than in Spain as a whole next year.