Volta SKAI B OÜ, a project company of the real estate developer Endover, has raised 4 million euros through the second series of a bond issue arranged by Evernord. The proceeds will be allocated to the construction of the second tower of the Volta SKAI high-rise duo, which is set to become a new landmark in North Tallinn.
A total of 32 investors participated in the second series of the Volta SKAI B bond issue, with an average investment of 125,000 euros. The largest share of the capital was raised in Lithuania, where 29 investors subscribed for bonds in the total amount of 3.65 million euros. Estonian investors subscribed for 300,000 euros and Latvian investors for 50,000 euros. The investor base comprised 18 private individuals and 14 companies, with corporate investors accounting for 57 percent of the capital raised. The bonds carry a coupon rate of 8 percent per annum, and the yield of the second series was 7.8 percent. The issue was fully subscribed prior to the close of the subscription period.
“The strong sales performance of Volta SKAI apartments and the progress achieved to date enabled us to reduce the yield of the second bond series relative to the first. This demonstrates that investors recognise both the advancement of the project and the experience of the developer behind it, as well as the quality of the development,” said Annaliisa Vinnal, Evernord’s representative in Estonia.
The first series of Volta SKAI B OÜ’s bond programme, which has a total volume of 14.4 million euros, raised 9.2 million euros in June. On that occasion the largest share of the investments likewise originated from Lithuania, while Estonian investors subscribed for bonds in the amount of 1.3 million euros. Interest on the bonds is payable quarterly, the nominal value of the bonds is 1,000 euros and the redemption date is 8 June 2027. The bonds are secured by a first-ranking mortgage.
