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.