The second tranche of the bond issue will be publicly offered to private and institutional investors in the Baltic States from 13 to 24 October, with the bond issue date set for 29 October. The nominal value of each bond is EUR 1,000. Investors will receive a fixed annual interest rate of 8%, paid semi-annually.
During the second offering stage, the bond price will be EUR 1,042.91 (including accrued interest), yielding 7.5%. The bonds are secured by a first-ranking mortgage on the land plot and building of the business centre, as well as a pledge of the issuer’s shares. The maturity date of the issue is 29 November 2027.
Significant progress in the project
Kasparas Juška, Investment Director at SBA Urban:
Investors have already shown their confidence in the Hermanas project during the first distribution. We are returning to the capital markets with significant development progress – the first lease agreements have been signed; construction is proceeding according to schedule and the infrastructure of the Nemunaičiai quarter is growing rapidly. We expect further investor activity to join this project, which is being developed in one of the most promising locations in Kaunas.
The distribution of bonds is being organised by Luminor Bank, with Ellex as legal advisors. Investors can purchase bonds by opening a securities account at any major bank operating in Lithuania, or other institutions providing investment services. The bonds have been listed on the Nasdaq First North market since 26 June 2025.
Gediminas Norkūnas, Head of Securities Origination at Luminor Bank:
The project has made significant progress. Construction is moving from structural work to interior finishing, and the first lease agreements have already been signed. The ongoing construction of the pedestrian bridge over the Nemunas River well illustrates the quarter’s infrastructure advancement. We are pleased that this project, developed in an exceptional location, is proceeding according to plan and that high energy-efficiency class offices will soon expand the market offering. Therefore, we are returning with an opportunity to invest in the second tranche of this project’s bond issue.
The first bond issue of the Hermanas project, distributed in May 2025, attracted significant investor interest – 287 investors from all Baltic countries submitted requests totalling EUR 11.06 million, which was 2.2 times higher than the targeted amount of EUR 5 million. In response to the high level of interest, the issue size was increased to EUR 7 million.
First tenants to move in at the beginning of 2026
The new eight-storey Hermanas business centre, with an A++ energy efficiency rating, will offer 10,600 sqm of modern, sustainable office and commercial spaces. Construction, which began in summer 2024, is progressing according to plan and is scheduled for completion in December 2025.
Currently, facade installation is halfway complete, interior finishing works are underway, common areas are being formed and engineering systems are being installed. Significant attention is being paid to the quality of technical solutions, interior aesthetics and sustainable use of resources.
The first tenants – the IT product customer service centre CyberCare and the iLunch restaurant chain – will move into the new spaces in the first quarter of 2026. CyberCare will occupy 650 sqm on the third floor, while the iLunch restaurant will take up 350 sqm on the ground floor, next to green relaxation areas and outdoor terraces.
Hermanas – part of the growing Nemunaičiai quarter
Hermanas is part of the six-hectare Nemunaičiai quarter, in which SBA Urban and TABA Invest plan to invest more than EUR 250 million.
The first phase of the neighbourhood, the Miestas residential project with nearly 170 apartments, was completed and sold out in 2024. Together with Hermanas, a multistorey car park with more than 500 spaces and the Pasaka residential project, designed by the architectural studio of National Prize winner Rolandas Palekas, are currently under construction.