Evernord, an investment management company, has successfully completed a closed-end secured bond issue of Endover’s project company Volta SKAI B OÜ, raising a total of 9.2 million euros.
The capital raised in the bond issue will be directed towards financing the construction of the B tower of the Volta SKAI high-rise in the Volta quarter in Northern Tallinn. “Volta quarter has been Tallinn’s best-selling new development by sales volume for three consecutive years. The results of the recent issue confirm that the trust of Baltic investors in the project remains high,” said Kadri Koplimäe, Chief Financial Officer of Endover.
The issue was conducted by Evernord UAB FMI, a Lithuanian investment company. “The results of the issue confirm that bonds secured by a strong developer are an attractive investment opportunity in the eyes of investors. Key arguments for investors were competitive yield, regular interest payments and a first-ranking mortgage,” said Annaliisa Vinnal, Evernord’s Estonian representative.
Evernord completed the Series I issue under a total bond programme of 14.4 million euros, raising 9.2 million euros through a private placement. The largest share of the bonds was subscribed by Lithuanian investors. Estonian investors subscribed bonds worth 1.3 million euros. Vinnal added that Evernord plans to expand its activities in Estonia both in terms of investors and development projects.
The fixed interest rate of Volta SKAI B OÜ bonds is 8 per cent per annum and interest is paid to investors on a quarterly basis. The nominal value of the bonds is 1,000 euros and the maturity date is 8 June 2027. The bonds are secured by a first-ranking mortgage.
Advokaadibüroo Hedman Partners & CO OÜ acts as the security agent and Ellex Raidla Advokaadibüroo OÜ as the legal advisor. AS Redgate Capital was the sales agent for the bond issue in Estonia.
Volta SKAI is a high-rise building with two 12-storey towers being built in the Volta quarter in Northern Tallinn, with a total area of 18,600 square metres. The current issue finances the construction of the Volta SKAI B tower with a net area of 4,350 square metres. Construction of the Volta SKAI A tower began in November 2025, the first homes will be completed in the fourth quarter of 2026 and the final completion of the first building is planned for the first quarter of 2027. The B tower will be completed in the second quarter of 2027. The architectural design of the development was created by ARS Projekt.
Volta quarter is one of Tallinn’s most successful new developments, located in the Kalamaja area, between the Noblessner and Krulli quarters, close to the sea. The quarter has topped the Tallinn new development sales rankings for new transactions for the third consecutive year, according to Citify statistics.
