Why Didn't Evernord Write Off Offices? It Acquired a Business Center in Vilnius and Is Collaborating with YIT Lietuva
The investment and asset management group “Evernord” has established its 10th fund, “Evernord Real Estate Fund VII.” The fund successfully completed a major transaction—it acquired the “Sky Office” business center in Vilnius from the real estate development and infrastructure company “YIT Lietuva.” YIT Lietuva, which sold the building, has become a strategic partner of the fund and is investing alongside Evernord’s investors.
“Sky Office” is a business center in Viršuliškės, Vilnius, that opened in 2024. Its occupancy rate at the time of acquisition stood at 95 percent. In 2025, the Lithuanian Real Estate Development Association recognized “Sky Office” as the best commercial property in Lithuania.
Evernord is well-acquainted with the office segment—a fund managed by the group has already successfully developed and manages the modern “Novira Plaza” complex in Riga.
Simonas Bačiulis, fund manager of “Evernord Real Estate Fund VII,” notes that the current situation in Vilnius’s office market signals an approaching turning point, which it is important to capitalize on in a timely manner.
“Recently, new office construction in the capital has decreased noticeably, so it is projected that new supply will shrink significantly starting in 2027. As a result, building occupancy will rise and the overall market balance will naturally restore itself. High-quality properties have been and will continue to be leased—the best opportunities emerge before the entire market recognizes them,” said S. Bačiulis.
“Investor interest in the new fund has exceeded initial expectations, as they are looking for a sustainable foundation rather than short-term trends. From investors over the course of two weeks
The investment and asset management group “Evernord” has established its 10th fund, “Evernord Real Estate Fund VII.” The fund successfully completed a major transaction—it acquired the “Sky Office” business center in Vilnius from the real estate development and infrastructure company “YIT Lietuva.” YIT Lietuva, which sold the building, has become a strategic partner of the fund and is investing alongside Evernord’s investors.
“Sky Office” is a business center in Viršuliškės, Vilnius, that opened in 2024. Its occupancy rate at the time of acquisition stood at 95 percent. In 2025, the Lithuanian Real Estate Development Association recognized “Sky Office” as the best commercial property in Lithuania.
Evernord is well-acquainted with the office segment—a fund managed by the group has already successfully developed and manages the modern “Novira Plaza” complex in Riga.
Simonas Bačiulis, fund manager of “Evernord Real Estate Fund VII,” notes that the current situation in Vilnius’s office market signals an approaching turning point, which it is important to capitalize on in a timely manner.
“Recently, new office construction in the capital has decreased noticeably, so it is projected that new supply will shrink significantly starting in 2027. As a result, building occupancy will rise and the overall market balance will naturally restore itself. High-quality properties have been and will continue to be leased—the best opportunities emerge before the entire market recognizes them,” said S. Bačiulis.
“Investor interest in the new fund has exceeded initial expectations, as they are looking for a sustainable foundation rather than short-term trends. From investors over the course of two weeks
“We are pleased that the project is entering a new phase today alongside a strong institutional investor. This is a natural part of the development of mature commercial real estate projects and, at the same time, confirmation that high-quality, sustainable properties remain attractive to investors,” says Kęstutis Vanagas, CEO of YIT Lietuva.
The transaction was brokered by Newsec, one of the largest commercial real estate (RE) services and consulting firms in Northern Europe and the Baltic states.
“This transaction has been in the works for a long time, and the result confirms that patience and the right transaction and capital structure are what drive such strong investor interest. It is also encouraging to see the office segment becoming increasingly active; here, investors see attractive yields and a vibrant market where supply is declining while demand remains stable,” commented Andrius Švolka, Head of Investment Transactions for the Baltic States at Newsec.
The international law firm Sorainen acted as counsel to the seller in the transaction, while the law firm Tegos acted as counsel to the buyer.
A 3.5 million euro bond issue by "Legal Balance" has been issued
The Evernord team successfully placed a €3.5 million bond issue for its long-standing partner, Legal Balance, a financial obligations management and technology company. The funds raised from investors will be used to finance the company’s further business expansion.
These bonds, which are scheduled to mature on September 26, 2029, were listed on the Nasdaq alternative market “First North” on June 26.
“It is extremely important to us when our core values align with those of our partners—a clear direction for business growth and strategically sound financing. “Legal Balance has demonstrated successful and stable business growth for several years now, so it’s no surprise that investors have confidence in this opportunity and actively contributed to the success of the offering,” said Vismantė Šepetienė, Head of Evernord FMĮ.
“I am sincerely grateful to the Evernord team for their ongoing professional assistance in securing financing for our business expansion. Legal Balance’s current operating results are exceptionally strong, and our strong and reliable partnership with Evernord has contributed significantly to this success,” noted Marius Šlepetis, CEO of Legal Balance.
https://www.linkedin.com/feed/update/urn:li:activity:7477632395538718720
Permit Granted for Construction of "Montua" Infrastructure
“Evernord” has taken a major step forward in developing the “Montua” luxury villa project in the Marbella region of Spain—it has successfully obtained a construction permit for the infrastructure. Construction work will begin once the contractor selection process, which is currently underway, is completed.
The key to this project’s success is dynamic teamwork. We are developing the “Montua” project in close collaboration with our partner, the experienced Belgian entrepreneur Bart Van Gael, and “Montua Developers SL”—a company whose shares were acquired by the fund earlier this year.
Our partnership with leading architectural firms is also crucial. The infrastructure design was prepared by the renowned architectural firm “Huete Arquitectos,” which has accumulated exceptional experience in both residential development and infrastructure projects throughout the Málaga region. The design of the villas is being carried out in collaboration with the well-known firm “AMESArquitectos,” based in Marbella—this team has been working throughout Spain and internationally since 2011.
The project site was carefully selected based on its exceptional potential for investor returns and its prime location. The lots are situated approximately 200 meters above sea level, offering panoramic views of Marbella, the Mediterranean coast, and the Sierra Blanca mountains.
The project is surrounded by unspoiled nature and mountain trails, yet is just a 6-minute drive from the center of Marbella, the historic old town, and the beaches.
In central Marbella, the supply of available lots with such unobstructed views is extremely limited, while demand for exceptional real estate from international buyers (including the UK, Belgium, the Netherlands, and Poland) remains at record highs.
Once infrastructure work is completed, the value of the entire “Montua” district will increase significantly, transforming it into a new premium residential area in Marbella. For investors, this is an excellent opportunity to geographically diversify their portfolios within one of Europe’s fastest-growing economies.
“Montua” is already the second luxury villa project that Evernord is developing in Marbella.
https://www.linkedin.com/feed/update/urn:li:activity:7476198832679067648
Paynt is the newest tenant at Novira Plaza
An important milestone has been reached in the “Novira Plaza Riga” project. The new tenant of the business complex, located in a highly attractive part of the Latvian capital, is the international fintech company “Paynt.” This move demonstrates that “Novira Plaza Riga” is a highly attractive business complex chosen by rapidly growing international companies.
“Paynt” has leased 1,482 square meters of space in the business complex for its operations. In total, nearly 80% (20,300 square meters) of Novira Plaza Riga’s space is currently leased.
“The arrival of such a strong player in the fintech market as Paynt is a significant endorsement. The active pace of leasing shows that leading companies prioritize sustainability, a convenient location, and the quality of the workspace,” said Gintaras Rutkauskas, CEO of Evernord Asset Management.
“In recent years, we’ve grown rapidly both in the Baltic states and in other European markets. When looking for a new office, it was important for us to find an environment that would reflect our ambitions and help attract talent. ‘Novira Plaza’ combines modern infrastructure, a sustainable approach, and an excellent location—all of which are essential for our team,” noted Jānis Līcis, Head of Marketing at Paynt.
“Novira Plaza Riga” is a project developed by the “Evernord Real Estate Fund III” with a value of nearly 90 million euros.
Evernord is one of the distributors of the Civinity bond issue
The Civinity Group has selected Evernord as one of the underwriters for its new bond issue. At this stage, the plan is to issue securities worth up to 15 million, while the group’s total bond issuance program amounts to 50 million euros.
One of the largest providers of building maintenance services and developers of engineering and technological solutions in the Baltic states intends to use the proceeds to finance the group’s further expansion, acquire companies, and strengthen its capital structure. Importantly, retail investors will also be able to purchase securities issued by this rapidly growing company—the bonds will have a face value of 1,000 euros. Additionally, these investments may qualify for the investment account regime, which offers additional benefits to investors.
The bonds will be offered until June 10, 2026. The annual yield will be 9.5% or 10%, depending on the purchase price selected by the investor.
The bonds will be listed on the Nasdaq Baltic regulated market.
This information should not be construed as legal, financial, or tax advice. Before making an investment decision, investors should consult with independent financial advisors and assess whether the risk of investing in these bonds is acceptable.
For more information: https://view.news.eu.nasdaq.com/view?id=b1585335e78a895e5b8961d1f8ccaef6a&lang=en&src=listed
How should global risks be assessed?
The current global environment raises many questions for investors, and sudden changes in the markets are forcing them to reassess risks.
Factors currently shaping the investment environment:
- Rising cost of capital. U.S. Treasury yields are hitting record highs (10-year yields are approaching 4.7%, while 30-year yields have reached an 18-year high of nearly 5.2%). This directly increases borrowing costs for businesses and households around the world.
- Rising expectations of interest rate hikes have prompted investors to sell off bonds and slowed the stock market rally—with the technology and industrial sectors feeling the pressure the most.
- The conflict between the U.S. and Iran and the situation in the Strait of Hormuz are acting as a geopolitical driver of inflation. Oil prices remain as much as 60% higher than before the conflict.
What is a possible course of action for investors? Gintaras Rutkauskas, CEO of Evernord Asset Management, recommends considering several steps:
- Reduce the proportion of high P/E stocks in your portfolio, as rising interest rates increase the cost of capital, which lowers the present value of future cash flows and puts downward pressure on the prices of such stocks.
- Invest in short-term corporate bonds, and even better, those with floating interest rates (linked to EURIBOR). As interest rates rise, the value of fixed-coupon bonds falls, while the yield on floating-coupon bonds increases.
- Buy bank stocks, as rising interest rates widen banks’ margins between deposits and loans.
- Choose real estate, especially commercial properties, where rental rates in the leases are indexed to the rate of inflation.
On the Path to Success – With an Institutional Investor
The Evernord team has successfully completed the second phase of the bond offering for “Victory Development Central,” a fund managed by Demus Asset Management. We have raised a total of 3.8 million euros in investor capital to finance the development of the exclusive “Tyzenhauz” real estate project in Vilnius.
The bonds are officially listed on the Nasdaq First North market.
Contributing to this project are not only loyal Evernord clients but also a major institutional investor—Citadele Bank.
- Bonds worth 3.8 million euros were issued (total program volume: 16.4 million euros).
- The project is financed exclusively by equity from investors and bond proceeds (without a bank loan).
- Initial real estate collateral for investors and a prospectus approved by the Bank of Lithuania.
- Tax benefit—the investment account tax relief applies to bonds issued in this and all subsequent phases.
Vismantė Šepetienė, Head of Evernord FMĮ: “The participation of an institutional investor such as Citadele Bank demonstrates growing interest in professionally structured real estate projects in the Baltic countries. We see that investors value not only the project’s location but also a professionally structured capital structure and financing model.”
Vaidas Žagūnis, Member of the Board of Citadele Bank and Head of the Corporate Banking Division for the Baltic States: “In recent years, we have seen the capital market play an increasingly important role in financing real estate projects in the Baltic countries. Such bond issuances provide project developers with more opportunities to diversify their financing, while offering investors the chance to participate in professionally managed projects.”
Vilius Pažereckas, Fund Manager at “Victory Development Central”: “We are seeing growing confidence among both private and institutional investors in professionally structured real estate projects. We aim to provide investors with a clear and long-term opportunity to participate in value creation in the Baltic real estate market.”
“Tyzenhauz” is a residential neighborhood being developed near Vilnius’s Old Town, where historical heritage meets modern architecture. Construction is scheduled to be completed in the third quarter of 2027.
https://www.linkedin.com/feed/update/urn:li:activity:7460994861547061248
Evernord established three new funds in 2025
In 2025, the investment and wealth management group “Evernord” generated and distributed €14 million in returns to investors—27 percent more than in the previous year. The funds managed by Evernord demonstrated particularly rapid growth in 2025, attracting €50 million in new capital—a staggering 187 percent increase over the previous year.
Over the past year, Evernord raised approximately 132 million euros in investor capital, which was used to finance various projects by issuers in the real estate and other sectors.
“The investment environment remains dynamic, but we are maintaining a steady pace of growth. Careful market analysis and a thorough evaluation of each project, conducted by a highly competent team, help us adapt to changes. We continue to pursue our goal of opening up attractive opportunities for investors in the most promising sectors and regions,” notes Vismantė Šepetienė, Director of Evernord.
“In 2025, we identified a new trend: as bond yields declined, investors were more willing to take on equity risk by investing directly in stocks rather than purchasing bonds backed by equity. Such bonds offer a limited return, but the risk is equivalent to that of the underlying shares,” notes Gintaras Rutkauskas, head of Evernord Asset Management.
Evernord has increased its client base by 23 percent over the past year, reaching 970 clients.
In 2025, Evernord established three new funds: the “Evernord Real Estate Fund VI,” targeting the Finnish market; the “MultiAsset” fund, a multi-asset fund; and the “Evernord Marbella Property Fund II,” dedicated to the development of a project featuring exclusive villas in Marbella, Spain.
In 2025, Evernord successfully entered the Finnish market. Evernord Real Estate Fund VI, managed by the group, acquired a building complex in Helsinki in collaboration with the Finnish company Mirlux Oy. This move allows investors to diversify their portfolios in the safer Nordic region.
Meanwhile, the newly established “Multiasset” fund focuses on various financial instruments designed for professional investors, thereby further expanding opportunities for asset diversification.
The “Evernord Bond Fund,” an open-end fund for informed investors established in 2024, had attracted 23.5 million euros in investor funds by the end of last year. The fund’s geographic coverage currently spans 17 countries, and its investment portfolio is spread across 16 different economic sectors.
Starting this year, the Evernord Bond Fund will pay out a portion of the funds to investors each quarter, along with interest of approximately 8 percent. This fund structure ensures a stable cash flow, meets investors’ need for periodic income, and helps effectively manage reinvestment risk.
https://www.linkedin.com/feed/update/urn:li:activity:7424383144260173824