Nasdaq Welcomes UAB Kvartalas to the Nasdaq Baltic Bond List

06.03.2025 RIG, TLN, VLN

Vilnius/Riga/Tallinn, Nasdaq Baltic Market, March 6, 2025 – Nasdaq (NDAQ) announces that the bonds issued by UAB Kvartalas, managed by the investment management company Lords LB Asset Management, to finance the development of the ‘Sąvaržėlė’ Business Center are now listed on the Nasdaq Baltic Bond List today.

UAB Kvartalas has successfully raised EUR 8 million through a public bond offering aimed at investors in Lithuania, Latvia, and Estonia. Each bond has a nominal value of EUR 100 and provides an annual interest rate of 8%, with payments made semi-annually. The bonds are secured by a first-rank mortgage on a land plot and the building.

The bonds issued by UAB Kvartalas gathered interest from 1,582 investors, primarily from Lithuania, leading to subscriptions amounting to EUR 36.5 million. Due to the oversubscription, the issuer decided to increase the issuance amount from the initial EUR 6 million to EUR 8 million. This public offering was the first tranche of a €50 million, 2-year secured bond issue. The bonds will mature on 19 December 2026.

“Congratulations to UAB Kvartalas on joining the Nasdaq Baltic Bond List! This is yet another testament to the growing engagement of Lithuanian companies in leveraging the public capital market to execute their growth strategies. It is especially encouraging to see the real estate sector integrating sustainability principles and seizing market opportunities to bring ambitious projects to life. We wish the company success on this journey and look forward to long-term collaboration. “ – Gediminas Varnas, President of Nasdaq Vilnius.

The funds raised through the public offering will be used to finance the development of the ‘Sąvaržėlė’ Business Center located on Konstitucijos avenue in Vilnius central business district. ‘Sąvaržėlė’ will have a total area of ca. 21,000 sq. m and is expected to achieve the highest BREEAM ‘Outstanding’ sustainability certification.

“We are pleased that our product has already attracted a substantial number of investors, and most are from Lithuania,” says Ieva Antanaityte-Genevičienė, the manager of Right Bank Development Fund and the director of UAB Kvartalas.

“The fact that the first tranche of the bonds issue was oversubscribed 6.1 times indicates a strong interest for high-quality real estate products in the market. We very much appreciate how access to the public capital market has helped ensure smooth financing of the project,” notes Ieva-Antanaitytė Genevičienė.

Swedbank is the arranger and dealer of the public bond issue. The law firm Ellex Valiunas ir partneriai acts as the issuer’s legal adviser and assisting with the arrangement of a €50 million bond issue public offering.

UAB Kvartalas is a special purpose vehicle developing the ‘Sąvaržėlė’ Business Center in Vilnius. It is wholly owned by Right Bank Development Fund, a closed-ended real estate investment fund intended for informed investors and managed by Lords LB Asset Management, one of the largest investment management companies in Lithuania. 

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: 14 real estate funds, 1 private equity fund, 1 energy and infrastructure fund and 3 investment companies. The collective investment undertakings’ assets under management totalled EUR 1.33 billion as of the end of December 2024.

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

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