SIA “Marijas 2” Q4 2023 interim report and unaudited financial statements
Twelve months of year 2023 have been very productive for the company. The balance sheet has remained strong at nearly 67 million euros, a 45% increase from last year’s number. Fixed assets, which consist mainly of the capitalized development costs, have exceeded 60 million euros, a 70% increase from last year’s number. The company has raised sufficient funds to finance its development until commissioning of the building and plans to keep attracting funds under the Program for the Issuance of Bonds in the total amount of up to EUR 45 000 000 with ISIN code LV0000802551 to fit out currently vacant premises after signing respective lease agreements. SIA “Marijas 2” will start generating turnover after commissioning of the building and transfer of the leased premises to tenants.
The highlight of the period has been partial commissioning of the building. The business center consists legally of two separate buildings that will be united after commissioning – Marijas 2A and Marijas 2. The approximate proportion of two buildings is 80% and 20% respectively. The larger property, Marijas 2A, has been commissioned in mid-February 2024 and tenants have started moving in. The commissioning of the smaller Marijas 2 building has been slightly postponed due to delays in façade installation and is planned to be executed by the end of Q1 2024.
Since the beginning of the project over 75% of the total construction works (ca 90% of the works excluding the vacant premises fit out) have been completed. Construction works of the first stage are nearly done with mainly cleaning the premises, minor repairs on the rented-out premises and adjusting building management systems remain to be finished. Construction works on the second stage are ongoing with premises expected to be handed over to the tenants in March and April. 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”.
Negotiations with banks to refinance bonds at maturity have already given positive results. First non-binding indicative offers have been received. Approval of binding terms is scheduled in March and April 2024 and signing of the loan agreement is expected by May 2024.
Strong work with tenants has continued resulting in nearly 45% of building occupancy and with several more lease agreements to be signed in the near future. After the construction fence was removed and the building opened to the public, potential tenants have significantly increased their interest in retail premises on the ground floor. It has led to the first signed rental agreement and few advanced negotiations that should lead to signing more rental agreements in Q1 2024.
SIA “Marijas 2” Q4 2023 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. SIA “Marijas 2” owns and develops a modern A-class office building Novira Plaza in central Riga located at Marijas 2 and Marijas 2A. The building’s architecture was inspired by historical city center and is in-line with modern offices’ design principles. A unique seven-floor building will accommodate 25 000 m2 of safe, convenient as well efficient offices and retail premises, underground floors will accommodate 255 parking spaces and bicycle storages.
Novira Plaza is being built according to LEED Gold standard and will open its doors to tenants and clients in Q1 2024.
For further information, please contact:
Nikolay Kryzhanovskiy
SIA “Marijas 2” member of the management board
Phone: +372 58 436 663
E-mail: noviraplaza@novira.lv
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