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.

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