Progress: €500'000
The amount has been raised

Nok Nok Home, Vilnius

Content:

Project description
Property description
About the developer
Finances
Location

ABOUT THE PROJECT

Project description:

In the Pilaitė district of Vilnius, next to Gilužis lake, a new residential area is planned on the lot of 1.5 ha. “Nok Nok Home” are three-storey English townhouse type apartments with a private courtyard, parking space and a separate entrance. There will be 77 economy class flats (average size of 80 m2) that are combined into houses of 5 to 6 apartments. In total, the project will provide a living area of 6160 m2. The project’s owner has recently completed two nearly identical projects “Naujoji Anglija” (www.naujojianglija.lt)and “Town House” (www.town-house.lt). 

 

The project will be financed by a bonds issue worth of 3 000 000 EUR (minimum emission target of 2 000 000 EUR) which is also expected to increase the owner’s reputation in the private equity markets and accounts for 49-74% of the total project estimate. The project owner's contribution will be the difference of the successfully distributed bonds and the overall project estimate but will not be smaller than 26% of the total project’s assessment. 

 

The entry into force of Röntgen contracts: platform users, along with the high net worth individual investors, participate in the bonds emission of 3 000 000 EUR. All contracts signed through Röntgen will come into force on 3rd of July regardless of the total amount raised through the platform. After the investment has been completed, the investor will have to open a securities account within the term provisioned in the contract where the bonds will be transferred subsequently. 

 

Estimated duration of the project: 12 months from issuing the bonds to the submission of houses. Due to provisions for unforeseen circumstances (changes in the construction works schedule, the risk of a delayed building permit issuance and time needed to register notarial sales contracts), the total time to maturity of bonds – 14 months. 

 

Issuer: bonds will be issued by a parent company UAB Rewo (Ltd.) which will be responsible for interest payments and the repurchase of the bonds. The fact that Rewo develops more than one project can be considered as an additional guarantee. All funds collected will be channelled to the company that will develop “Nok Nok Home” project. 

 

Bond owners trustee: all bondholders will be collectively represented by Šiaulių Bankas AB (Plc.) which will carry out the trustee’s role according to the Republic of Lithuania Law on the Protection of Bond Owners. In this project Röntgen will only be responsible for the distribution of the securities.  

 

The trustee will transfer the funds to the project developing company in three rounds: 

1 500 000 EUR - after the registration of bonds collateral in the mortgage register

750 000 EUR – 2018 Q4

750 000 EUR – 2019 Q1

 

Guarantee: the project’s lot will be pawned for bondholders (current estimated valued – 970 000 EUR) with all the constructions therein, as well as the shares, bills and cash flows of the project developing company.  It means that all the value created and the unused money will be pledged for the benefit of investors. 

 

Interest payment schedule:

1) 03.10.2018 - 4 months interest;

2) 03.01.2019  - 4 months interest;

3) 03.04.2019  - 4 months interest;

4) 07.03.2019  - 4 months interest;

5) 30.09.2019 - repurchase of bonds and 2 months interest.

Property description

Exclusivity: not only the price of EUR/m2, but also the total cost of housing is essential in a competitive apartments market. The three-storey model allows for efficient use of the premises and reduces the total amount of space required as well as the cost of housing. Whereas the sale price of EUR/m2 will be similar to that of other neighbourhood houses (average size of 95-140m2), the effective apartments price will be significantly lower. This pricing should give the project a competitive edge.

 

Access: the apartments will be located at the start of Pilaitė Avenue, which connects the district with the city centre. It is the second lot from the street mentioned above. Therefore, residents will have immediate access to one of the main streets of the city avoiding traffic in the small streets. Citybee (local car-sharing service) parking lot and public transportation are available within a 10-minute walk from the project site.

 

Buildings: residence area will consist of A+ class low-rise houses that contain 5-6 apartments of around 80 m2. Each apartment will have a separate entrance, private courtyard and a parking space. Premises are designed so that the apartments can be easily divided into 3-5 rooms.

 

Parking: each apartment will have one parking space assigned to it.  

More information about the project: www.nok-nok.lt.

About the developer

UAB Rewo (www.rewo.lt) – real estate development and investment company, together with related companies Novalex (www.novalex.lt) and Jungtiniai Projektai ( www.jpro.lt ) has been engaged in estate development since 2004. The portfolio of the projects implemented by the company consists of more than 30 projects. Over the last year, the company has successfully built and sold two similar projects “Naujoji Anglija” and “Town House”.

 

Other projects completed by the company: Turniškių dominiją, Soho Lofts, Belmonto loftai, Radio lofts, Ozo kvartetas, Sky city, Neries apartamentai, Town House, Naujoji Anglija, Subačiaus 19, BHAPPY.

Röntgen risk evaluation

Criterion From 0 to 5
DSCR 0
LTV 3
EBITDA margin 0
Change in value 2
Developer finance 2
Capital structure 0
Location 3
Project type 3
Project duration 3
Market trends 2
Developer experience 5
Business plan 5
Risk classes
A+
A
A-
B+
B
B-
C+
C
C-
D+
D
D-
Investment rating
C+

The project assessment criteria are coordinated with the Bank of Lithuania. The rating is the platform operator's subjective assessment of the project risk. Röntgen rating is of an informative nature only and cannot be considered investment advice.

Finances

Information available only for registered users

Kapitalo struktūra
4949000

Obligacijos
3000000
Nuosavas kapitalas
941000
Pardavimų pajamos
1008000

Pajamos
5780000

Išlaidos
-4'949'000

Sklypo įsigijimas
-850000
Statybų biudžetas
-3426000
Projekto valdymas
-673000

EBIT
831000

Finansavimo kaštai
-526000

EBT
304000

All prices are given without VAT

Safe investments

First-rank mortgage

Investment return calculator

Investment

Annual interest:

12 %

Loan duration:

14 months

Growth:

14.04 %

Expected return:

0

Please be advised: this calculator is intended as a preliminary evaluation and is a tool of an illustrative nature only.

Information available only for registered users

Documents

  • Audituotos finansinės ataskaitos.pdf
  • Obligacijų patikėtinio sutartis.pdf
  • Turto vertinimo ištrauka.pdf
  • Informacinis dokumentas.pdf

Project development process

  • Projektas paskelbtas Röntgen
    2018-06-18
  • Surinkta visa investicijos suma
    2018-06-29
  • Palūkanų mokėjimas
    2018-10-03
  • Gautas statybos leidimas
    2018-10-24
  • Statybų pradžia
    2018-11-02
  • Baigtas pamatų liejimas
    2018-11-19
  • Baigtas inžinerinių tinklų tiesimas
    2018-12-12
  • Palūkanų mokėjimas
    2019-01-04
  • Baigti konstruktyvo darbai
    2019-03-01
  • Palūkanų mokėjimas
    2019-04-03
  • Baigta statyba, pradedami gerbūvio tvarkymo darbai
    2019-06-01
  • Palūkanų mokėjimas
    2019-07-03
  • Parduota/Rezervuota 70% kotedžų
    2019-07-15

Location

Pajautos g. 28, Vilnius