Year 2024 has been very productive for the company. After commissioning of the building, the management board has decided to reflect real value of the asset on the balance sheet. This has resulted in the balance sheet of nearly 90 million euros, a 35% increase from last year’s number, and value of the fixed assets exceeding 85 million euros, a 41% increase from last year’s number. After commissioning of the buildings and transfer of the leased premises, turnover and EBITDA of SIA “Marijas 2” in 2024 near EUR 1 500 000 and EUR 850 000 respectively including approximately EUR 575 000 and EUR 320 000 respectively in Q4 2024. The company plans to keep attracting funds under the Program for the Issuance of Bonds in the total amount of up to EUR 50 000 000 with ISIN code LV0000803179 to fit out currently vacant premises after signing respective lease agreements.

The process of refinancing outstanding bonds has been put in motion by holding negotiations with several reputable European financial institutions. SIA “Marijas 2” management is working on the scenario to combine senior loan from the bank and a mezzanine layer. The latter may include additional equity or a bond issue, depending on the specific terms of the senior lender. Indicative non-binding terms are expected by the end of March 2025, signing of the loan agreements will be completed by end of April 2025.

Since the beginning of the project over 83% of the total construction works have been completed. Active works include fit-out on the recently leased out premises. SIA “Marijas 2” continues development of the modern A-class office building Novira Plaza in collaboration with UAB Evernord Asset Management and SIA “Novira Capital”.

More than half of the building is rented out to prominent tenants. Tenants have increased their interest after commissioning resulting in eleven premises, including two retail ones on the ground floor, being leased out this year. Few premises are under advanced negotiations with reputable tenants.

SIA “Marijas 2” Q4 2024 interim report and unaudited financial statements are attached to the announcement and published on NASDAQ Riga as well as web page of Novira Plaza https://noviraplaza.lv/en/investor.

About SIA “Marijas 2”

SIA “Marijas 2” was established in December 2020. It owns, develops and rents out a modern A-class office buildings in central Riga located at Marijas 2 and Marijas 2A named Novira Plaza. The building has been designed with an influence from historical city center and modern architecture. A unique seven-floor building accommodates 25 000 m2 of safe, convenient as well efficient offices and retail premises, underground levels fit spacious bike storages and 255 underground parking spaces. Novira Plaza has been built to meet the LEED Gold standard and has opened its doors to tenants and clients in Q1 2024.

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