Riga’s Preses Nama Kvartāls Secures €9.12M in Bond Funding for Office Building Completion
JSC PN Project, the developer of the Riga business center “Preses Nama Kvartāls,” has successfully concluded the latest issue of bonds, raising €9.12 million. This significantly exceeds the initial target of €3 million, demonstrating strong investor confidence in the project’s progress and long-term potential within the Baltic commercial real estate market.
Investor Confidence and Market Maturity
“The ever-increasing public awareness and knowledge of investment opportunities increases interest in thoughtful capital investment. The fact that the planned volume of the issue was tripled confirms the confidence of investors – society is ready to invest in the real development of Latvia’s economy and in projects whose progress can already be seen in the urban environment of Riga,” emphasizes Povilas Urbonavičius, head of Lords LB Special Fund V.
The bond offering primarily attracted private investors from the Baltic countries, indicating a stable interest from the capital market in high-quality development projects backed by real assets.
Shifting Investment Preferences
Igors Danilov, financial director of Lords LB Asset Management in Latvia, notes a shift in investor behavior. “Investors are becoming more knowledgeable and are more actively looking for ways to invest their accumulated funds in projects with a clear development perspective and a reliable basis. High demand for bonds indicates the maturity of the Baltic bond market and investors. They are beginning to choose more freely between keeping money in bank accounts and deposits with 0-3% return and corporate bonds with an expected return of more than 9%.” He further highlights the security offered by the bonds, stating, “Unlike assets whose value is based mainly on market sentiment, our bonds are secured by real assets – a modern class A office building with increasing value.”
Bond Program Progress and Nasdaq Baltic Listing
With this latest issuance, the total funding raised through the bond program reaches €54 million, representing 72% of the program’s total value. The program will continue in phases, providing a balanced financing structure and flexible capital raising as construction progresses. PN Project bonds are listed on the Nasdaq Baltic Exchange, enhancing transparency and liquidity for investors. Nasdaq Baltic
Construction Progress and Future Development
The development of Preses Nama Kvartāls in Pārdaugava is visibly transforming Riga’s skyline. The main structural work on the A-class office building is complete, with most of the facade elements installed. Funds raised will be allocated to continue construction, including internal engineering systems and finishing work. Completion of the facade, extensive interior finishing, and landscaping are planned in the coming months, with the building slated for operation by the end of 2026. Preses Nama Kvartāls
Tenant Interest and Project Vision
The project is already generating significant interest from potential tenants in the technology, legal, pharmaceutical, and other industries seeking energy-efficient and strategically located office spaces in Riga.
The broader vision for Preses Nama Kvartāls includes the development of a medical or educational center, a hotel or residential building, additional office space, and other infrastructure facilities, alongside the renovation of the historic Press House building. Invest in Latvia
About Lords LB Asset Management and PN Project
Lords LB Asset Management, with total assets under management reaching €1.338 billion as of June 2025, is the developer of the project. JSC PN Project was established specifically to implement the Preses Nama Kvartāls development idea and is managed by Lords LB Special Fund V, a closed-end real estate investment fund intended for informed investors. Baltic Times
This is an advertisement. The basic prospectus of the public offering of JSC “PN Project” bonds has been approved and the final rules have been published here. Approval of the base prospectus is not considered a proposal to purchase bonds. Before investing, please read the base prospectus and final terms carefully to understand the potential risks and rewards.