Gilesta Group to issue 8% bonds to finance its residential development

On July 8, the first tranche of the bond programme for the Miško Rivjera residential semi-detached housing development, being developed by UAB Gilesta Group, opens for subscription. The first tranche is valued at EUR 1.5 million, while the total programme size will be up to EUR 5 million. The proceeds will be used to finance the construction of the first phase of the Miško Rivjera project.

Investors will be offered 24-month bonds with an annual coupon rate of 8%, with interest paid semi-annually. The nominal value of one bond is EUR 1,000. The offering will be available through the BeMyBond bond platform from July 8 to July 15.

The project owner (Issuer) is UAB Levorita, 51% of whose shares are owned by UAB Gilesta Group. The shareholders of Gilesta Group are Romas Paliulis and Šarūnas Grigaitis, who are also the ultimate beneficial owners of the project owner.

"After more than 15 years of operating as a general contractor, real estate development is a natural evolution for us. During this time, we have successfully completed more than 130 complex public, commercial, industrial, and infrastructure projects, giving us in-depth expertise across the entire construction process, from planning to completion. This experience, together with the capital we have accumulated, enables us to develop competitive residential projects and contribute to increasing the housing supply in the Vilnius region, where demand continues to exceed supply," says Šarūnas Grigaitis, CEO of Gilesta Group.

Gilesta Group also owns UAB Gilesta, one of Lithuania's largest general contracting companies. In 2025, UAB Gilesta generated revenue of EUR 92.5 million, earned a net profit of EUR 5.8 million, and reported shareholders' equity exceeding EUR 9.8 million.

The bonds will be secured by a first-ranking pledge over the land plots, the future building complex, and 100% of the Issuer's shares. The project's loan-to-cost (LTC) ratio will not exceed 75%. Of the EUR 9.1 million required to complete the first phase, EUR 4.1 million (45%) will be financed by the developer's own capital, while up to EUR 5 million (55%) will be raised through the bond programme.

"We see not only an attractive residential development concept, but also a financially strong developer. Gilesta's long-standing experience, first-ranking security package, and conservative capital structure allow us to offer our investors an attractive investment opportunity with a balanced risk-return profile," says Indrė Dargytė, CEO of BeMyBond.

A new residential neighbourhood just 20 minutes from Vilnius Old Town

The Miško Rivjera residential development is located southeast of Vilnius, on Gegužinės Street in Bareikiškės village, within one of the capital's priority development areas. The project is situated next to a mature forest in a peaceful, low-density residential setting, just 15–20 minutes from Vilnius Old Town.

The development will comprise 59 semi-detached houses (118 residential units), to be built across three phases on a site exceeding 12 hectares. The first phase will include 25 houses (50 units), the second phase 15 houses (30 units), and the third phase 19 houses (38 units). Individual units will range from 105 to 129 sq. m, each with a private land plot of approximately 700–800 sq. m.

Construction has already commenced, and the first phase, consisting of 25 houses, is scheduled for completion by the end of 2027.

The project combines the benefits of proximity to nature with convenient access to the city. The neighbourhood will feature leisure infrastructure for residents, including a heated outdoor swimming pool, sauna, sports and recreation areas, a padel or tennis court, walking paths, and communal spaces.

The bond offering will be available to all registered individual and corporate investors on the BeMyBond platform. The minimum investment amount is EUR 1,000. The offering may close earlier if the full EUR 1.5 million target is reached before the scheduled closing date.

The bonds are expected to be redeemed at maturity from proceeds generated by apartment sales, which are forecast to reach EUR 10.8 million during the first phase of the project.

Detailed project documentation, the capital structure, and information regarding the bond security package are available to registered users on the BeMyBond platform.