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.