Invego ranks second among real estate developers in Tallinn and its surroundings in terms of new homes sold over the past five years, having delivered nearly 900 homes. Among its completed residential areas are the well-known Vana-Peetri, Tabasalu Kodu, and the largest to date, Tiskreoja, with 500 homes. Current active developments include Keila Pargikodud, Luccaranna, and Uus-Järveküla – a community consisting exclusively of townhouses and semi-detached houses, financed in cooperation with EfTEN United Property Fund. In 2024, Invego sold and handed over a total of 108 apartments and townhouses to new owners.

The company has also developed over 50,000 m² of commercial space. Its most recent commercial development is Krulli Park – the largest business quarter completed in Tallinn this year – totaling 35,000 m² of leasable space and costing €74.5 million. The anchor tenant, Wise’s Estonian headquarters, has already moved in, and the official opening is planned for early summer 2025. Additionally, Invego will complete a new €5 million office building in Tallinn’s Telliskivi district in autumn 2025.

The Invego group includes over 30 companies across Estonia, Latvia, and Portugal, with nearly 30 development projects in progress. In total, Invego has developed more than 150,000 m² of real estate and has a further 450,000 m² in the pipeline.

Invego stands out with a distinct approach and strategic mindset in real estate development. Our brand represents a commitment to creating forward-looking, holistically designed living environments where homes and commercial spaces offer lasting value. Our focus lies in spatial quality, architectural ambition, and long-term investment value – every development is created as if it were for ourselves.

Our development process is defined by strong architectural ambition, often realized through architectural competitions for larger projects. This ensures the best possible outcome, combining vision, creativity, and quality.

Key competitive advantages:

• 5-year construction warranty for all new homes – the first among major developers in Estonia.
• Holistic urban development approach integrating architecture, energy efficiency, and landscaping.
• International experience across Estonia, Latvia, and Portugal.
• Diversified development portfolio targeting a wide range of segments and price points.

Our developments are not just buildings – they are investments in the future.

Invego’s business model is based on managing a broad portfolio of real estate development projects of varying quality. The different development projects are structured into separate project-based companies (SPVs). In addition, depending on the country-specific context and the profile of co-investors, both project holding companies and intra-group holding companies are used. At the group level, there are over 30 independent development projects and more than 60 companies in total, enabling optimal risk management and flexible financing. Over the years, the Invego Group has grown, and in 2025, the group is undergoing structural consolidation and increased transparency. The current Meb Trust OÜ will be renamed Invego Group, and various development projects under the Invego brand will be consolidated into a unified structure. The first consolidated and audited report under the new structure will be the 2024 annual report, which, considering the auditors’ tight schedule, is expected to be completed by early July.

Invego bonds can be subscribed through any bank listed in the Nasdaq account operator list (available here).

To subscribe, you must have a securities account. If subscribing as a legal entity, you also need to have a valid LEI code.

The amount indicated in the subscription order will be reserved in your bank account at the time the order is submitted. Actual settlement will take place on the settlement date, which is scheduled for 29 May 2025.

For Estonian resident individuals, interest income from bonds is subject to income tax unless the investment is made through the investment account system.

By using the investment account system, it is possible to defer the tax obligation—meaning income tax on the interest does not need to be paid immediately.

Yes. During the subscription period (12–22 May 2025), you can modify or cancel your order by contacting your bank.

The bonds issued by Invego Latvia OÜ are secured by a pledge on the shares of Invego Group’s Latvian holding company, Invego Latvia SIA, and shareholder loans from Estonia are subordinated to the bond investors. Invego Latvia SIA holds the portfolio of Latvian development projects, providing bond investors with a diversified income base across all of Invego’s Latvian operations. Unlike a single standalone project, risks are better distributed across multiple projects, meaning that potential delays in one project do not significantly affect the entire portfolio. The investor assumes portfolio-level risk, not the risk of an individual project.

In the case of oversubscription, the allocation will be decided by Invego on May 23, 2025. The allocation principles are described in more detail in section 5.6 of the bond information document.
In summary:
a) All investors will be treated equally under the same circumstances.
b) The Issuer has the right to apply different allocation principles to retail and large (professional) investors.
c) The Issuer has the right to give preference to its clients who have purchased a home in any Invego development by April 30, 2025.
d) The Issuer has the right to give preference to employees of Group companies (or companies controlled by Group employees) over other investors.
e) The Issuer has the right to give preference to investors (or companies under their control) who have provided loans to the Issuer or any Group company.

The nominal value of one bond is €1,000, which is also the minimum subscription amount. There is no maximum limit for subscription.

The results of the offering will be announced on 26 May 2025. Your personal allocation will be visible in your securities account after the settlement date (29 May 2025).

If fewer bonds are allocated than you subscribed for, the unused portion of the funds will be returned to your bank account.

Interest is paid quarterly on the following dates:

• 28 February
• 29 May
• 29 August
• 29 November

The first interest payment will be made on 29 August 2025.

The bonds have a 4-year term, with a final maturity date on 29 May 2029.

Yes. The bonds will be listed on the Nasdaq Baltic First North Bond List. The listing process can take up to 6 months. After listing, the bonds can be bought and sold on the exchange.

The public offering begins on 12 May 2025 at 10:00 AM and ends on 22 May 2025 at 15:30 PM.

The minimum subscription amount is €1,000.

Yes. On 13 May 2025 at 17:00, Invego will host an onsite and online investor event at Krulli Kvartal, where the new bond offering will be introduced.

Participants attending the event in person will receive priority rights for bond subscription.
Registration for the event is available through the Investor Toomas event series, and it will also be broadcast live online at www.invego.ee/investor

The funds raised through the bond issue will primarily be used to further develop ongoing projects in Latvia.

Invego sees significant growth potential in Latvia, which holds a geographically central position in the Baltic region. This is supported by favorable development and sales prices, as well as the highest housing overcrowding rate in the Baltics—indicating strong underlying demand.
Compared to Estonia, the average home loan size in Latvia is currently about half, while people’s borrowing capacity is increasing in line with rising declared incomes.

After seven years of gradual market entry, Invego has now built a project portfolio in Latvia for over 3,500 new homes to be developed over the next decade.

The development portfolio is well-balanced across segments, covers the most promising areas in Riga and its surroundings, and includes homes of various sizes, formats, and price levels.

Given the scale of these development projects, it’s important to highlight Invego’s previous success stories in Estonia, which provide the company with a competitive edge in Latvia through experience and proven capability.

We are raising up to €8 million through a secured bond issue with a 4-year maturity and an interest rate of 11%. Invego will export its proven expertise from completed projects in Estonia to the Latvian market, and funds will be used to finance residential developments in Latvia. These projects are strategically positioned in Riga and surrounding areas, where the demand for modern housing is underpinned by outdated stock, rising income levels, and improving loan accessibility.

Invego has demonstrated successful track record in the Estonian residential and commercial real estate

• 10+ years of market experience in both residential and commercial real estate development
• More than 1,300 homes and 150,000 m2 developed and delivered
• Ranked 2nd real estate developer in Estonia 2020-2024 by sold homes
• High customer satisfaction in the already completed projects

Experienced team and quality-first approach

• • Team consisting of strong market knowledge with solid track-record in the field
  • Key stakeholder Kristjan-Thor Vähi acting daily in management team has strong hands-on approach in every Invego development project to provide the vision and maximum quality
  • The Latvian business is led by Invego’s experienced core team from Estonia

Creating future homes through our development model

• • Careful site selection focused on the surrounding positive environment and infrastructure accessibility
  • Strategic focus on value creation through innovative development concepts
  • Competitive design and construction tenders to ensure best-in-class architecture and delivery
  • Value creation with experienced team and compressed development cycle

Attractive market entry conditions and timing

• Riga offers the most affordable housing among Baltic capitals
• Over 90% of residents still live in Soviet-era buildings
• Home loans issued per capita are less than half compared to Estonia and Lithuania
• Declining EURIBOR and nominal wage growth are boosting new homebuyer activity

Strong track record and financials

• €170 million in sales between 2020–2024, supported by high customer satisfaction
• Flagship developments such as Tiskreoja have delivered up to 300% ROI, with a consistent track record of completed projects achieving returns between 120–300%
• IRR expectations range from 15–23%
• Strong, long-standing partnerships with leading construction and architectural firms

Strong revenue streams from diversified high-quality portfolio in Riga and surroundings

• Invego and its co-investos have invested €24 million in Latvian projects, including land and development costs as of Dec 31, 2024
• Latvian pipeline includes 3,500+ homes with over 300,000 m2
• 30+ projects in different stages of development
• Expected total sales revenue in the Latvian projects during the bond period exceeds €300 million

Invego is actively developing six large-scale and diverse residential projects in Latvia:

1. Parka Kvartals – 102 homes, in cooperation with Reterra. Architect: Tectum (Uldis Bērziņš), interior design: Julia Stassenko. Builder: Mapri Būve. parkakvartals.lv
2. Vītolu Parks – 350 homes. Architect: RUUME. vitolu.lv
3. Skanstes Rezidences – Premium segment with 67 apartments, in cooperation with Reterra. Architects: Salto Architects, Tectum. Builder: Mapri Būve. skanstes.lv
4. Vide Ādaži – Residential area with 86 townhouses near Riga. Architect: Tectum. Builder: Mitt & Perlebach. videadazi.lv
5. Miera Rezidences – 72 homes, in cooperation with Reterra. Architect: Tectum. miera.lv
6. Marupe Sirds – Over 400 homes. Architect: Tectum. marupessirds.lv

These projects shape high-quality and innovative living environments in Latvia, offering a range of residential solutions that meet the diverse needs of the market and homebuyers.

Invego bonds offer investors the opportunity to participate in the growth potential of the real estate sector across three different markets while benefiting from fixed returns and greater liquidity compared to direct real estate investments.

They are suitable for both retail investors seeking stable income and institutional investors looking to add a high-quality, secure fixed-income instrument to their portfolios.

The bonds offer an attractive alternative to direct real estate acquisitions, while maintaining the benefits of flexibility and effective risk management.

Invego has been consistently raising capital from financial investors for over 10 years, collaborating with various private and institutional partners.

One strategic cooperation is the Uus-Järveküla project, consisting exclusively of terraced and semi-detached houses, with EfTEN Capital’s real estate fund EfTEN United Property Fund as the financing partner.

This offering is Invego’s first public bond issuance.

The materials related to the offering can be found HERE