Endover has brought a 14 million euro bond issue programme for its development company Pos11 OÜ to a successful conclusion, with the final tranche – raising 3.8 million euros for the development of the Volta Residences at Uus-Volta 6 – being fully subscribed in just two days.
The first and second tranches were oversubscribed, while the third was fully subscribed ahead of time, reflecting the continued interest among investors in covered bonds and Endover’s development projects.
Endo Tõnuver, the chairman of Endover’s management board, says that investor confidence remains high in the company’s activities, which the money market currently favours. “This was the last tranche of the programme,” he explained. “The development is progressing at a very good pace, with the assets being financed set to be ready by the end of the year. This has given investors confidence, as reflected in the popularity of the bond issue.”
Tõnuver says that such strong backing gives the company in turn the confidence and strength it needs to look to the future. “We are already planning new, even bigger programmes, which will launch soon,” he added. “Thanks to excellent sales of our development projects that are covered by active bond programmes, we can start focusing on new issues.”