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Capitalica prematurely redeemed bonds for EUR 19 million

On 26 August 2022 a special purpose entity of the Capitalica Baltic Real Estate Fund I, managed by the SBA Group company Capitalica Asset Management, redeemed bonds for 19 million euros.      


The 2-year bond emission with a 5 percent fixed annual interest rate has been issued through private placement during this year. Funds received for the bonds were invested into Verde business center in Riga consisting of two Class A office buildings. Institutional investors acquired the vast majority of the bonds. The early redemption was covered by one tranch of the EUR 60 million SEB Bank loan granted to the company in July of this year.


“Even though a total EUR 36 million value bond emission was planned this year, we have received a loan from the SEB Bank for refunding already issued bonds and financing further development of Verde business center. We are confident about the potential of commercial real estate in the Latvian market. With our views on the development of the greenest office center in Riga coincided, the bank’s trust and the granted loan will ensure the smooth progress of the project and its completion according to the scheduled deadlines,” – says Andrius Barštys, the CEO of Capitalica Asset Management.


The first tenants of the Verde office complex moved in already in August. 78 percent of the first building’s office space is already leased. So far this is the only Class A office building completed and commissioned in Latvia this year. The entire office complex is planned to be completed by mid of 2023.

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