Endover’s Affiliated Company Volta SKAI OÜ Offers 10% Interest Secured Bonds for High-Rise Development in Volta Quarter

Volta SKAI OÜ, Estonian company operating under the brand of local real estate developer Endover, will launch a public bond offering on Wednesday, September 17, to raise capital for the construction of a new high-rise in North Tallinn’s Volta Quarter. While Endover-branded companies have previously arranged several bond issues to finance their projects, Volta SKAI OÜ’s secured issue is the first public offering among them.

During the offering period from September 17 to September 26, Volta SKAI OÜ will issue up to EUR 8 million worth of secured bonds with a nominal value of EUR 1,000 each. The minimum subscription is 100 bonds or EUR 100,000. Bonds can be subscribed through LHV Bank in Estonia. Investors from all Baltic states can participate in the offering.

The bonds carry an annual interest rate of 10%, with interest paid quarterly, and have a maturity period of 2 years. The bonds are secured by a first-rank mortgage on the Volta SKAI property (Krulli 10, Tallinn). Volta SKAI OÜ intends to apply for the bonds to be admitted to trading and list them on Nasdaq Tallinn’s alternative market First North within 6 months of issuance.

Volta SKAI – North Tallinn’s New Landmark

The capital raised through the bonds will be directed toward developing Volta SKAI, a high-rise emerging in North Tallinn’s most popular development area. The project, featuring two 12-story towers, will become the area’s new landmark with modern architecture offering panoramic views of Tallinn Bay and the Old Town. The capital raised from this bond issue will finance the construction of the first tower.

The Volta SKAI buildings – two towers and a parking facility – will comprise a total of 18,600 square meters of gross floor area. This EUR 8 million bond issue represents the first phase of the project’s financing.

Experienced Bond Issuer

Endover has extensive experience in raising capital from the bond market for its subsidiaries. Nearly EUR 40 million worth of secured bonds related to real estate projects have been issued, financing multiple developments across various Tallinn districts. In 2025 alone, over EUR 22 million has been raised through private placements.

“Endover has built over 70 buildings in Estonia over more than 25 years, creating homes for thousands of families. Endover has long-term experience with various financing programs, including non-bank alternatives, which have been very popular among investors. All previous Endover-related bond issues have been successful and oversubscribed, demonstrating strong investor confidence in Endover.

Volta SKAI is our team’s next flagship project, where architectural quality meets an excellent location. Today, for the first time, we’re offering all investors the opportunity through a public offering to contribute to Tallinn’s fastest-growing area and its growth story,” said Endo Tõnuver, Chairman of the Board of Endover and owner of Volta SKAI OÜ.

According to Silver Kalmus, Head of Debt Securities at LHV Bank, Endover has earned the trust of both homebuyers and investors as a developer in Tallinn’s urban landscape. “In leading the Volta SKAI project, Endover has decided to offer investment opportunities to a wider circle of investors, allowing them to earn fixed returns by investing in a high-rise development in North Tallinn’s most popular development area.

Endover has proven its ability over the years to successfully execute both residential and commercial real estate projects. The planned issue offers investors an opportunity to contribute to a prestigious development project that will shape Tallinn’s skyline for decades to come. While this issue has a minimum investment of EUR 100,000, all investors from the Baltic states can participate in the offering,” said Kalmus.

The lead manager for the issue is LHV Bank, co-manager is Redgate Capital, and legal advisor is law firm Ellex Raidla.

Volta Quarter’s Success Story

With over 125 years of history, Volta Quarter is today one of Tallinn’s real estate market’s most important and successful developments. According to data compiled by Citify, which tracks real estate development statistics, Volta Quarter has been Tallinn’s most preferred new development for two consecutive years (2023 and 2024) in terms of both transaction volume and sales revenue. North Tallinn was Tallinn’s preferred district by sales revenue in 2024, with transactions totaling EUR 96.7 million.

How to Invest?

Bonds can be subscribed through LHV Bank in Estonia. Investors can submit subscription orders via internet banking or contact their account manager. The minimum subscription amount is EUR 100,000 (100 bonds).

The subscription period runs from September 17 at 10:00 until September 26, 2025 at 16:00. Subscription results are scheduled to be announced on September 29, 2025.

Additional information about the Volta SKAI bond offering: endover.ee/investor

About Endover

Endover is a 100% Estonian-owned real estate development company operating since 1997. The company has developed and reconstructed over 70 buildings, creating more than 368,000 square meters of residential and commercial space and raising over EUR 200 million in capital for project implementation. Endover’s major projects in recent years include Volta Quarter, Rocca Towers, Ambassador, Riviera Viimsi, and Torn.