Evernord Successfully Completes Endover Bond Issuance, Raising €8.8 Million. In December, Evernord, a company specializing in investment management, successfully executed a private placement of bonds for the Estonian real estate developer Endover, raising a total of €8.8 million. The bonds are being issued in tranches, with Endover issuing €4 million worth of bonds in the first phase.
“The primary objective of this bond issuance was to raise capital for the next stage of developing the modern residential and commercial spaces of Volta Gallery Lofts. Naturally, it’s gratifying to see the high level of trust that Baltic investors have in Endover, and the issuance was fully subscribed,” said Endover’s CFO Kadri Koplimäe. She emphasized that the company has extensive experience with various financing solutions, including bonds, development loans, bridge loans, crowdfunding, and equity financing. “The involvement of professional financiers like Evernord benefits all market participants. Endover alone is preparing around 100,000 m² of residential and commercial real estate, and we are exploring new financing opportunities in the near future,” Koplimäe added.
The successful issuance was carried out by Evernord, a Lithuanian asset management and investment firm that has previously organized financing rounds for large-scale real estate projects. “In today’s interest rate environment, secured bonds are a highly suitable instrument for strong developers to raise necessary capital,” emphasized Annaliisa Vinnal, Evernord’s representative in Estonia. She added that the company plans to expand its activities in Estonia, targeting both investors and projects. Over the past few years, Evernord’s funds have invested in several real estate projects in Tallinn.
The first tranche of the issuance amounted to €4 million. The two-year bonds carry an interest rate of 9% plus a 3-month Euribor. The bond issue date was December 30, 2024, with a maturity date of December 30, 2026. Interest payments will be made quarterly. A total of 8,800 bonds with a nominal value of €1,000 each will be issued, amounting to €8.8 million in total.
The Volta quarter is one of Tallinn’s largest and most successful real estate developments. The industrial district, with over 125 years of history, is being developed by Endover based on the principles of the “15-minute city.” The entire project spans 142,000 m² and includes over 750 apartments and more than 50,000 m² of commercial space, along with a kindergarten, sports club, and a park with recreational areas. The district already boasts 13 completed buildings, with five new ones under construction, including Volta HUB, the largest business and community center in North Tallinn, featuring approximately 40,000 m² of new commercial and residential space.
Endover is an Estonian real estate developer with over 25 years of experience, dedicated to creating value in urban spaces and developing comprehensive living and business environments. The company’s portfolio includes 70 buildings and 2,840 apartments with a total area of 368,000 m².
Evernord Group, which operates in Estonia, Latvia, and Lithuania, focuses on investment management and offers asset management and corporate financing services. The group also provides advisory services on asset and financial management and currently manages five investment funds. Evernord’s assets under management exceed €250 million.
Learn more about the Volta Gallery Lofts project: https://endover.ee/volta/en/galerii-loftid/
For inquiries about financing and investment opportunities, contact: Kadri Koplimäe
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