Vilnius/Riga/Tallinn, Nasdaq Baltic Market, June 30, 2022 – Nasdaq (NDAQ) announces that a bond issue of Orkela UAB, a company owned by the investment management company Lords LB Asset Management UAB’s Lords LB Special Fund IV, have been listed on the Nasdaq Baltic Bond List by Nasdaq Vilnius on June 30.
The size of the Orkela bond issue is EUR 10 million. Each bond has a nominal value of EUR 1000. The bonds have a maturity of two years and seven months and pay interest every 6 months at an annual rate of 6%. Their redemption date is January 19, 2025.
Orkela held a public offering of the debt securities to Lithuanian, Latvian and Estonian investors. The bonds are secured by a first-rank mortgage on a land plot, buildings and structures on Vasario 16-osios Street in Vilnius.
“We congratulate Lords LB Asset Management on the listing of the bonds of Orkela, a company managed by the real estate investment fund Lords LB Special Fund IV, on the Baltic Bond List,” says Saulius Malinauskas, President of Nasdaq Vilnius Stock Exchange. “Yet another Lithuanian company has thus taken advantage of the opportunities that Nasdaq’s Baltic Bond Market offers for financing business development. We wish them all success in this venture and look forward to continue working with them over time.”
The funds raised will be invested in the St. Jacob’s Quarter development on Vasario 16-osios Street, between the river Neris and Lukiškės Square. The Lords LB Special Fund IV is carrying out the St. Jacob’s Quarter project through Orkela, its wholly owned special purpose vehicle. The Lords LB Special Fund IV is a closed-end real estate investment fund for informed investors managed by Lords LB Asset Management, one of the largest investment management companies in Lithuania.
“We are pleased that our product has attracted quite a number of investors, and most are from Lithuania. Both private investors and institutions were eager to invest in the project,” says Anastasija Pocienė, the manager of the Lords LB Special Fund IV and the CEO of Orkela.
“The fact EUR 10 million of bonds were successfully placed suggests that the project which is under development is of real interest to investors. We very much appreciate how access to the public securities market has helped ensure smooth financing of the project,” Anastasija Pocienė notes.
According to Orkela, the concept for the development currently includes a hotel with a conference center, commercial space, a landscaped courtyard, bike paths and a two-level underground parking garage to be operated by Unipark. The hotel will have a total area of 17,612 sq. m. The project developer is also considering alternatives to a hotel for short-term accommodation facilities, if that is found during the project’s development to offer more value-creating potential. A historic educational building in the complex will be readied to house a modern educational establishment, with sport and conference halls, lecture rooms and a library. The educational facilities will have a total area of 6,290 sq. m.
About Lords LB Asset Management
Lords LB Asset Management is a licensed fund management company supervised by the Bank of Lithuania. It has been providing services for institutional and private investors since 2008. The company currently manages the following collective investment undertakings: 12 real estate funds, 1 private equity fund, 1 energy and infrastructure fund and 2 investment companies. The collective investment undertakings’ assets under management totaled EUR 730 million as of the end of December 2021. Lords LB Asset Management and all of its funds are audited by KPMG. Depository services are provided by SEB Bank and Swedbank.
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