„The debut of SBA Urban's project on the First North market is a great example of how ambitious real estate developments can successfully tap into capital market opportunities. Investor confidence demonstrates the high value placed on sustainable, innovative projects such as the Hermanas business centre,“ said Gediminas Varnas, President of Nasdaq Vilnius. „We hope this will inspire other growing companies in the region.“
„As SBA Urban, our journey into the capital markets began in 2023. The inclusion of the Hermanas business centre bonds on Nasdaq First North reaffirms our shared commitment to transparency, professionalism, and delivering value — both to investors and the city,“ added Andrius Mikalauskas, Head of Urban LIVE, the developer behind the Nemunaičiai district.
The public bond offering of the first tranche, carried out across Lithuania, Latvia, and Estonia, raised EUR 7 million. Each bond has a nominal value of EUR 1,000, carries an annual interest rate of 8% (payable semi-annually), and matures in 2.5 years, with a redemption date set for 29 November 2027. Total bond issuance of EUR 23.5 million over several tranches is planned for Hermanas.
The first tranche offering attracted strong demand, with total applications exceeding EUR 11 million — 2.2 times the initial target of EUR 5 million. In response to investor interest, the total issue size was increased to EUR 7 million. A total of 287 investors subscribed: 208 from Lithuania, 48 from Latvia, and 31 from Estonia, with the average investment amounting to EUR 24,390.
Construction of the Hermanas business centre began in June 2025 on H. and O. Minkovskių Street, on the left bank of the Nemunas River. The 8-storey, A++-class office building will provide over 10,600 sqm of modern office space. Hermanas is targeting both WELL certification — focusing on health and well-being — and BREEAM sustainability certification.
Designed with flexibility in mind, the building will offer floors up to 1,300 sqm, appealing to companies seeking expansive, single-floor offices. Smaller units of 100 to 300 sqm will also be available. The total investment in the Hermanas project amounts to EUR 35 million, with completion expected by the end of 2025. Hermanas is developed by SBA Urban in partnership with TABA Invest.