Real estate developer Endover’s subsidiary Volta SKAI OÜ has opened the Estonian bond market with the first public offering of 2026 among Estonian companies. Volta SKAI is launching its third bond series with base issue size of €3.5 million. The Estonian first-mortgage-secured bonds offer investors an annual yield of 8.5%.
Subscription for the new Volta SKAI OÜ bonds opened on 25 February 2026 at 10:00 and runs until 4 March at 15:30. The minimum investment is 1 bond priced at €1,041.04, which includes the nominal value of €1,000 plus accrued interest. Interest payments are made quarterly and the maturity date of the bonds is 1 October 2027. Assuming the issuer does not redeem the bonds early and the investor holds them until maturity, the yield is 8.5% per annum. The issue size is €3.5 million, with the possibility to increase it to up to €5 million in the event of oversubscription.
The Volta SKAI bonds are secured by a first-ranking mortgage on the property located at Krulli 10, Tallinn. This is the only public bond issue by an Estonian real estate developer secured by a mortgage on real property, providing investors with significantly stronger protection compared to unsecured bonds.
The offering results are planned to be announced on 9 March, with trading expected to commence on 12 March. The bonds will be traded on the Nasdaq Tallinn Stock Exchange First North market.
“Volta SKAI has been the highest-grossing new development in Tallinn in the first four months of sales. By mid-February, 12% of the total sellable area in the first tower had been covered by preliminary sale agreements — a very strong sales result for a project whose construction only began at the end of last year and whose projected sales period is 5 years. The project is progressing on schedule both in terms of construction timeline and budget. Investors can contribute to the Volta SKAI project knowing that their money is working towards the development of a new landmark in North Tallinn,” said Endover CEO Roul Tutt.