100 percent of the “Sky Office” space has been leased
In both business and life, events that are 100 percent certain are quite rare, but one such event occurred at Evernord: in early July, all of the spaces in the “Sky Office” business center—acquired by the Evernord Real Estate Fund VII—were leased.
The Evernord Fund acquired the Sky Office business center, which opened its doors in 2024 in the Viršuliškės neighborhood of the capital, from YIT Lietuva, a sustainable urban development and construction company, which also became an investor in the fund. The acquisition was financed by Citadele Bank in Lithuania—we thank them for their smooth cooperation.
“This transaction served as a sort of litmus test, revealing that, despite the ups and downs and forecasts of the real estate market, the time is always right for market participants who invest in quality. Interest in our new fund exceeded expectations; investors were impressed by both the fund’s strategy and the acquired property, the quality of which has just been confirmed by the achieved leasing results,” says Gintaras Rutkauskas, CEO of Evernord Asset Management.
In 2025, the Lithuanian Real Estate Development Association recognized “Sky Office” as the best commercial property in Lithuania.
This transaction marks another important milestone for the entire Evernord Group. “Evernord Real Estate Fund VII” is now the 10th fund managed by the group. With its launch, the total value of assets under management reached 400 million euros.
Another 4 million euros for the “Endover” project
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.
https://www.linkedin.com/feed/update/urn:li:activity:7491450565126946816
Bonds for the Marbella project were successfully issued
The second phase of the bond offering has been successfully completed: investors purchased an additional 4.5 million euros worth of bonds for the “Cascada De Camojan Developments” luxury villa project. Over the course of two phases, securities worth 12.5 million euros have already been issued. In the third phase, bonds worth 2.5 million euros will be issued, completing the planned 15-million-euro offering. The project, located in Marbella—a destination beloved and highly regarded by Lithuanian residents—is unique: the complex consists of six very spacious villas (approximately 1,100 square meters each) featuring swimming pools, terraces, and spacious courtyards. Designed for high-income clients, the complex is located in a gated community, offering villa residents and guests breathtaking views. A building permit is currently pending; construction of the complex will begin immediately thereafter and is scheduled for completion in the first half of 2028. Key terms of the second phase:
- Duration: 1.5 years
- Annual interest rate: 8%
- The bonds are secured by a first mortgage. The project’s property value was estimated at 20 million euros as of the end of 2025.
“Currently, there is a very large supply of real estate developer bonds on the market, so investors have plenty to choose from and are scrutinizing bond offerings very carefully. 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 raising funds, 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.
https://www.linkedin.com/feed/update/urn:li:activity:7491450565126946816
