Endover subsidiary Volta SKAI rang the Nasdaq opening bell

On 21 January, representatives of Endover’s subsidiary Volta SKAI OÜ rang the traditional Nasdaq opening bell. Trading in the company’s secured bonds began at the end of December on the Baltic Exchange’s alternative market, First North. 

Endover CEO Roul Tutt noted that the oversubscription of the issue confirmed the strong interest in Volta SKAI’s secured bonds, while the exchange also enables new investors to participate: “I believe that today, alongside a company’s reliability and margin, a sense of security is no less important – and this is where secured bonds have a significant advantage. The project is progressing successfully – pre-sales in the first Volta SKAI tower performed very well, and we have now launched public sales. As of tomorrow, the price list for Volta SKAI apartments will be published on the website. We thank our investors for their trust and look forward to meeting you again in our upcoming projects,” Tutt added.

“It is a great pleasure to see Volta SKAI moving steadily forward in implementing its vision. The admission of the bonds to trading on First North connects their ambitions with committed investors and provides a solid foundation for the company’s continued growth,” said Kaarel Ots, Head of Nasdaq Tallinn and the Nasdaq Baltic Exchanges.

The first trading day of Volta SKAI OÜ bonds in the Baltic Bond List on Nasdaq Tallinn was 23 December last year. The bonds offer a yield of 8.3% per annum, provided the issuer does not redeem them early and the investor holds them until maturity. Interest is paid quarterly, and the maturity is approximately two years. Volta SKAI bonds are secured by a first-ranking mortgage on the Volta SKAI property at Krulli 10, Tallinn.

The first series of bonds under the €30 million bond programme was oversubscribed 2.2 times in September, with 112 investors participating in the offering with a minimum investment of €100,000.

Demand from private and institutional investors across the Baltics also exceeded the €4 million maximum volume of the programme’s second series. A total of 488 investors participated, submitting subscriptions amounting to €5.13 million.

The capital raised through the bonds will be used to finance the construction of the first tower of the Volta SKAI high-rise development in the Volta quarter. The project, comprising two 12-storey towers, will become a new landmark in Põhja-Tallinn, offering panoramic views of Tallinn Bay and the Old Town. Endover is the development partner for the Volta SKAI project, with architectural design by ARS Projekt. Construction began on 2 December, and the first tower is scheduled for completion in mid-2027.

According to Citify, for the third consecutive year Tallinn’s most popular new residential development – the Volta quarter – is being developed by Endover based on the 15-minute city principle. The total development volume of the quarter is 142,000 square metres, comprising 29 buildings with 750 apartments and more than 50,000 square metres of commercial space. The heart of the quarter will be Volta HUB, featuring 35,000 m² of commercial space, where the district’s first MyFitness club recently opened. In addition, a kindergarten and a 15,000-square-metre park area will be completed in the coming years.