Nasdaq Welcomes BH Meraki to the Baltic First North Market

15.11.2021 RIG, TLN, VLN

Vilnius/Riga/Tallinn, Nasdaq Baltic Market, November 15, 2021 – Nasdaq announces that bonds issued by BH Meraki UAB, a special purpose vehicle of the real estate fund Baltic Horizon Fund, have been admitted to the Nasdaq Baltic First North Market by Nasdaq Vilnius as of today, November 15.

The size of the bond issue is EUR 4 million. The bonds have a nominal value of EUR 100 and an annual interest rate of 5% with interest paid semi-annually. The bonds, which were offered to investors in the form of a private placement, mature on November 19, 2022.

On May 12, 2021, BH Meraki UAB completed the private placement of EUR 4.0 million of 18-month secured bonds. During the primary placement, a first tranche contributing to half of the maximum aggregate value of EUR 8 million had been issued. Proceeds of the issue will be used to finance the construction of the Meraki office building in Vilnius.

“We welcome BH Meraki as a new issuer on the Baltic First North market and the Nasdaq Vilnius stock exchange,” says Saulius Malinauskas, the President of Nasdaq Vilnius. “It is great to see the First North market enabling the company to pursue its business objectives and create a circle of investors. We wish BH Meraki all success on the public capital market.”

“Baltic Horizon Fund has been an active participant of the regional capital markets since the first listing with fund units on Nasdaq Tallinn in June 2016. In December the same year, we became listed in Stockholm and in August 2018, fund level bonds were listed. This property level bond listing is Baltic Horizon’s fourth Nasdaq listing. The oversubscribed private placement confirmed a strong interest in the Meraki bond among both institutional and private investors, and we are now listing the bonds on Nasdaq First North to offer liquidity for our investors,” commented Tarmo Karotam, the fund manager of the Baltic Horizon Fund.

The Nasdaq First North market is designed to support smaller, growing companies that want to raise capital and get the visibility and credibility of being a public company. For investors, First North offers an opportunity to invest in companies that are at an earlier stage of their growth.

About BH Meraki UAB

The issuer BH Meraki UAB is an SPV established by the Baltic Horizon Fund. Baltic Horizon Fund is actively managing commercial real estate properties in Baltic capitals worth approximately EUR 330 million. The closed-ended contractual investment fund is managed by Northern Horizon Capital AS, an experienced investment manager focusing on specialized real asset investment strategies in Northern Europe. The Issuer has been established with the aim to develop Meraki business complex in Vilnius, Lithuania. The main characteristics of Meraki Project are in line with the Fund’s investment targets as it is easily accessible location, has synergies with existing property and integrates modern spaces with sustainability.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more:

Cautionary Note Regarding Forward-Looking Statements

The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to factors detailed in Nasdaq’s annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

Tradable Assets


Market information


Market Regulation

Rules and Regulations

Get Started

For Companies
For Investors
For Brokers/Members
For First North Advisers


Nasdaq News
Issuer News

About Us

Nasdaq Baltic Market