Volta SKAI raises €3.5 million at 8.5% yield

The Volta SKAI bonds are secured by a first-ranking mortgage over the immovable property located at 10 Krulli Street, Tallinn.

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.

Volta SKAI bonds are the only public issue by an Estonian real estate developer secured by a mortgage on real property

Kadri Koplimäe, Endover CFO

This is the third series under Volta SKAI OÜ’s €30 million bond programme. The two previous series were both oversubscribed: the first series by 2.2x and the second series by 1.2x. A total of €12 million has been raised from investors under the programme to date.

“Volta SKAI bonds are the only public issue by an Estonian real estate developer secured by a mortgage on real property — specifically, a first-ranking mortgage on the Krulli 10 plot underlying the building. This gives investors significantly stronger protection compared to unsecured bonds,” explained Endover CFO Kadri Koplimäe.

Volta SKAI sales are progressing successfully: as of 18 February, 920 square metres — or 12% of the total sellable area in the first tower — have been covered by preliminary sale agreements. Even before construction began, the two-storey SKAI Villa was sold for €2.5 million, which is reportedly one of the most expensive apartment transactions in Estonia in 2025.

The arranger of the Volta SKAI bond offering is LHV Pank, the selling agent is Redgate Capital, the legal adviser is Ellex Raidla, and the security agent is Hedman Partners & CO.

“Endover has become one of the most popular issuers among investors across its various projects. The company has organised numerous bond issues over the years, serviced its interest obligations correctly, and successfully redeemed all bonds,” said LHV Head of Bonds Silver Kalmus. “Volta SKAI is a landmark development in North Tallinn that is shaping the urban environment of the area as a whole. I encourage all investors to visit the site and see how the high-rise is rising step by step.”

Volta SKAI has been the highest-grossing new development in Tallinn in the first four months of sales.

About Volta SKAI

Volta SKAI is located in the 125-year-old Volta Quarter in North Tallinn and consists of two 12-storey towers with a total area of 18,600 square metres. The first tower will comprise 70 apartments and 14 commercial units. Apartment sizes range from 35 to 195 square metres and prices start at €249,900. The architectural design was created by ARS Projekt and the developer is Endover. According to Citify, Volta Quarter has been Estonia’s most preferred new development for the third consecutive year, both in terms of units sold and turnover.

How to invest

Investors can submit Volta SKAI subscription orders through their internet bank or by contacting their account manager. The minimum subscription amount is €1,041.04 (1 bond). To subscribe for bonds, the investor must have a securities account with a custodian of the Nasdaq CSD SE Estonian branch or with a financial institution that is a member of the Nasdaq Riga or Nasdaq Vilnius exchange. The subscription period runs until 4 March at 15:30.

 

Further information about the Volta SKAI bond offering is available at investor.endover.ee. Before investing in the bonds, the arrangers request that investors review the prospectus, its summary, the bond terms and conditions, and the final terms in their entirety, and consult a specialist if necessary. 

Volta SKAI is rising in the heart of the Volta Quarter, at the intersection of Kalaranna, Tööstuse and Krulli.