Nasdaq Welcomes Skala Holding to the Baltic First North Market

Tallinn/Riga/Vilnius, Nasdaq Baltic, September 10, 2026 – Nasdaq (NDAQ) announces that bonds issued by Skala Holding, an Estonian commercial real estate investment and management company, have been admitted to trading on the Nasdaq Baltic First North Market as of today.

Skala Holding’s bond issue totals target of EUR 18 million, demonstrating strong interest from Baltic investors. Signet Bank (Latvia) acted as the arranger of the bond issue. More than 50 private and institutional investors participated in the placement. Private investors generated approximately 60% of total demand, while institutional investors accounted for the remaining 40%. Each bond has a nominal value of EUR 1’000. The bonds mature on September 7, 2029.

“The strong investor response reflects market confidence in Skala’s business model and its high-quality, diversified commercial real estate portfolio across Estonia and Latvia. The broad participation from both private and institutional investors further demonstrates that Skala’s strategy and investment proposition remain well aligned with market expectations,” said Vitali Kõllomets, MRICS, Member of the Management Board at Skala Holding OÜ.

Edmunds Antufjevs, Head of Investment Banking at Signet Bank, added: “The successful completion of the transaction marks an important milestone for Skala and represents one of the largest domestic bond placements in the Baltic real estate market in recent years. While real estate issuers in the Baltic bond market are predominantly property developers, Skala’s offering provided investors with exposure to a lower-risk segment of cash-flow generating commercial real estate, which was highly valued by investors.”

„We are pleased to welcome Skala Holding to the Baltic bond market.  For a focused real estate group like Skala, public bonds offer a transparent way to fund their operations and portfolio in Baltics, while giving investors another avenue to diversify their portfolios,” said Kaarel Ots, CEO of Nasdaq Tallinn and Head of Nasdaq Baltic Stock Exchanges.

Signet Bank acted as the arranger of the bond offering, while Ellex Legal served as legal counsel.

Skala Holding OÜ is a Baltic real estate investment holding company with investment properties in Estonia and Latvia, headquartered in Estonia. Since commencing operations in 2020, the Group has established itself as a significant player in the Baltic commercial real estate market. The Group’s EUR 110 million+ investment property portfolio has substantially grown over the last years and is well-diversified, consisting of properties in retail (shopping centers), stock office, industrial and office segments.

Nasdaq First North is designed to support smaller, growing businesses seeking to raise capital while benefiting from the visibility and credibility of being publicly listed. For investors, First North offers an opportunity to invest in businesses at an earlier stage of growth.

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Media Contact:

Aksel Kirikal
Marketing and Communications Manager
Nasdaq Tallinn
aksel.kirikal@nasdaq.com
+372 5322 5274