“With Saga, VPH continues its cooperation with IKEA‘s franchise holders, which started with development of Nordika shopping center next to IKEA in Vilnius. Saga will be one and half times larger than Nordika, and while it will have a number of the same trusted tenants as Nordika, Saga proudly will introduce totally new brand names into the Latvian market. We are excited to cooperate with Citadele and Luminor, which have been our long and trusted partners in financing our developments. This time we also had a unique experience of issuing bonds to co-finance Saga. Here, we were advised by CONFIDENTUS, which was the lead arranger of 11.4 million Eur bond issue,” highlights Barry Nabuurs, Partner and Director of VPH real estate development.

“We see a new trend that alternative sources of financing are more often required to develop real estate and other projects. Bonds are one of the alternatives which could be used to finance various types of businesses,” explains Kristupas Kukarskas, Partner of the investment banking boutique CONFIDENTUS.

CONFIDENTUS was the lead arranger of EUR 11.4 million bond issue to finance Saga Lifestyle Shopping Centre Construction in Riga, while Citadele and Luminor banks have agreed on a syndicated loan of EUR 34 million. The shopping centre project initiated by the commercial real estate developer, VPH, has total financing of EUR 68 million.