Invego, one of Estonia’s largest real estate development companies, has announced plans to conduct its first public bond issue this spring and subsequently add the company’s bonds for trading to the Nasdaq Baltic Exchange’s First North bond list.
The volume, interest rate, and other specific terms of the bond issue being prepared in cooperation with LHV Pank are planned to be announced in early May. The offer targeting Baltic retail investors is expected to be completed during the spring of 2025.
Operating in three countries with more than 30 development projects, Invego intends to use the funds raised through the issue to provide additional financing for the group’s Latvian real estate development projects. This represents the next stage in the strategic expansion of the company’s operations, aimed at strengthening Invego’s position in the Latvian real estate market.
“In more than 10 years of operation, Invego has proven its ability to successfully create comprehensive living and business environments that increase in value over time. Today is the right moment to support expansion in the Latvian market, where we see significant growth potential. Our experience in Riga proves that real estate there is currently more affordable compared to Tallinn, demand is higher, and customers’ expectations for improving living standards are growing rapidly,” said Invego’s CEO Kristjan-Thor Vähi. “We are already selling more homes in Latvia than in Estonia this year. We want to bring our Estonian experience and success model to the Latvian market as well.”
According to Vähi, planning procedures in Riga city are significantly faster, which allows capital to be kept working more efficiently. “Our goal is to achieve sales revenue of 300 million euros in Latvia within 5 years, for which we have already gathered a strong development portfolio of over 3,000 homes. The bond issue will help us implement this ambitious plan and offer investors a part of Invego’s growth story.”
Today, Invego’s development portfolio in Latvia, distributed across different districts and target groups, includes 12 projects, of which six are already being sold and six are in the active development phase. The Latvian development portfolio contains a total of over 291,000 square meters of development area and more than 3,000 homes, offering strong and consistent development capacity for the coming years.
“Invego stands out with its experienced management team and strategic approach to development projects, carefully selecting locations and organizing architectural competitions to find the best solutions. The planned bond issue gives investors an opportunity to invest in a company that shapes modern, high-quality urban spaces and has repeatedly demonstrated its ability to implement profitable development projects,” noted Silver Kalmus, head of debt securities at LHV Pank.
About Invego
With more than 10 years of operational history, Invego is one of Estonia’s leading real estate development companies, currently working on nearly 30 development projects in three countries. In Tallinn and its vicinity, more than 1,300 homes and over 50,000 m² of commercial space have been developed in recent years. In Estonia, Invego’s largest developments include the recently completed Tiskreoja and Tabasalu Kodu, as well as the ongoing Luccaranna, Uus-Järveküla, and Keila Pargikodude residential areas.
In the Latvian capital, the company is developing the Vitolu Parks residential area and, in cooperation with Reterra, the Parka Kvartals, Skanstes Rezidences, and Miera Rezidences residential areas. In the immediate vicinity of Riga, Invego is developing the Vide Adaži townhouse residential area and the large-scale Marupes Sirds residential area in Marupe.
In southern Portugal, Invego is working on the Silves Hills development project spanning 65 hectares with 154 villas.
Additional information:
Kristjan-Thor Vähi
This notice is solely for informational purposes regarding a possible future offering. It is not a sales offer, an invitation to acquire bonds, an investment analysis, or investment advice. In any case, no sale or offer of bonds will take place in any jurisdiction where such an offer, invitation, or sale would be unlawful prior to the approval, registration, or publication of a prospectus, information document, or other offering document.