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Andrius Barštys, CEO of Capitalica Asset Management. Photo by Vladimir Ivanovo (VŽ)
Capitalica Baltic Real Estate Fund I, the real estate fund of the investment management company Capitalica Asset Management, for the first 8 million. EUR 3 million was borrowed during the distribution phase of the EUR 3-year bond issue. Eur for 6.5% interest. Last year, 5% annual interest was borrowed for 3 years.
The offer was executed in a range of 5.5% to 6.5% and was borrowed through auction at an annual interest rate of 6.5%. Interest will be paid four times a year.
According to the company, 80 private and institutional investors have invested.
The issuer did not specify the supply-demand relationship. Representatives of the issuer and intermediaries describe the distribution as successful.
“Exceptional investor interest in the bonds confirms the attractiveness of the Verde office complex project in Riga and the extremely good profitability potential. Although COVID-19 represents a challenge for the office market, detailed calculations and high demand bonds show that the new complex is adequately occupying a large Class A office niche in the Latvian capital, providing a fair return for investors in bond funds, ”Capitalica Asset Management quoted in the stock exchange report. Andrius Barštys , managing Director.
The funds raised through the distribution will be used to develop the Verde office complex in Riga.
It was a public offering of bonds, also available to retail investors.
“Currently, Capitalica Baltic Real Estate Fund I is the only issuer that has issued bonds for 8 million LTL only in the capital markets of Lithuania. Eur”, – the report quotes Tomas Varenbergas, Director of the Department of Markets and Treasury of Šiaulių bankas.
Last year, Capitalica Baltic Real Estate Fund distributed 5 million. Issuance of bonds in euros. This time, the borrower managed to borrow for 3 years by offering a 5% coupon.
8 million The real estate fund that seeks to distribute the issue of euros will return to the market with an offer, “in the future, investors will be offered the purchase of bonds for another 5 million euros,” said the issuer. The organizers and distributors of the issue are Šiaulių bankas and Luminor Bank AS.
In parallel with Capitalica Baltic Real Estate Fund I, Eika has started and is still implementing the distribution of government bonds. For this issuer, this is their first trip to the capital market.
The company borrows up to 5 million for 2 years. EUR. The offer range is 4.5-5%.
VŽ wrote more about these public offerings to investors last week.
[infogram id=”4a2e25ee-c162-4664-8c92-79d4fb5e60f2″ prefix=”8mQ” format=”interactive” title=”Eika Capitalica”]
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