Real estate developer Invego has brought on board the EfTEN Special Opportunities Fund, owned by EfTEN Capital, as a strategic partner in the development of the Mārupes Sirds residential district, located just outside Latvia’s capital, Riga. At the end of December, Invego Latvia SIA sold 50% of its subsidiary, Mārupes Sirds SIA, to the fund in a transaction that formalized the partnership.
According to Kristjan Tamla, a member of the Management Board of EfTEN Capital, this marks the EfTEN Special Opportunities Fund’s first investment in Latvia. “The housing market in Riga has been growing rapidly over the past one and a half years, but finding a reliable partner and a suitable project was not easy. Invego has now established a strong presence in the Latvian market, and we already have a positive track record of cooperation with them in Estonia,” commented Tamla. He added: “More and more people in Latvia are choosing to live in areas surrounding the capital, and Mārupes is one of the fastest-growing regions. We see great potential among young families, similar to what we’ve seen in our nearly completed joint development project of the Uus-Järveküla residential area.”
According to Invego CEO Kristjan-Thor Vähi, having a strong financial partner adds significant certainty and momentum to capital-intensive development projects. “Time plays a crucial role in the success of any ambitious project, and with EfTEN, we can move forward with the Mārupes development at the ideal pace,” explained Vähi.
The first building permit for the project was issued in December 2025, and the main contractor will be selected through a tender process in the first quarter of 2026.
In the first phase of the Marupes Sirds residential development, a total of 65 homes will be jointly developed, including 50 apartments and 15 terraced houses. During the pre-sale process, 13 homes have already been reserved. The architectural design is by Tectum Architects.
The collaboration between the two companies began in 2021 with the joint development of the Uus-Järveküla residential district in Rae municipality. At that time, EfTEN Capital, the largest manager of real estate funds in the Baltic States, made its first equity investment in a residential project in Estonia through the EfTEN United Property Fund. Today, the final phase of construction for the 165 semi-detached and townhouse units in Uus-Järveküla is nearing completion, with the majority of homes already sold.
Invego group is a new-generation real estate developer operating in three countries, specializing in creating large-scale residential areas and business quarters with an integrated concept that creates future urban space. With more than 10 years of operational history, the Invego group includes over 60 companies in Estonia, Latvia, and Portugal, with 30 different development projects currently in progress. Invego group has developed more than 150,000 m² residential and 50,000 m2 commercial spaces and has an additional 450,000 m² of residential and commercial real estate in development.