Staapli 10
Tallinn, Estonia
Start of the offer period: 12 May, 10:00 AM
End of the offer period: 22 May 15:30 PM
The public offering of OÜ Invego Latvia bonds will take place from May 12 at 10:00 AM to May 22 at 15:30 PM. Bonds with a nominal value of €1,000 each will be offered, with the total issuance amounting to up to €4,000,000. In the event of oversubscription, Invego reserves the right to increase the volume of the issuance to up to 8 million euros.
Invego bonds can be subscribed via the links below. They are also available through any bank listed in Nasdaq’s account operator list.
The links below will become active at the start of the subscription period on May 12 at 10:00.
In accordance with the Income Tax Act, the issuer of Invego bonds, Invego Latvia OÜ (ISIN: EE0000000933), is required to withhold 22% income tax on interest payments made to individual Estonian tax residents. If you have chosen to acquire the bonds through an investment account in order to defer the income tax obligation, please complete the declaration form below and notify Invego of your request to receive gross interest payments.
Investors who have not previously notified the issuer of this intention are requested, if applicable, to submit a completed declaration at least 10 business days prior to the interest payment date. Forms submitted after this deadline will only be considered for subsequent interest payment dates. Interest payment dates for the bonds are: 28 February, 29 May, 29 August, and 29 November. If you have any questions regarding this declaration, please contact us at – we are happy to assist you.
Notification of the request to receive full interest payments on Invego bonds
By submitting this declaration, I confirm that the information provided is accurate and that the Invego bonds have been acquired through the above-mentioned investment account, which I declare to the Estonian Tax and Customs Board as such. Accordingly, I request to defer the payment of income tax on interest received into the investment account under the investment account system. I confirm the accuracy of the information provided in this declaration and consent to the processing of my personal data in accordance with Invego’s Client Data Processing Principles.
Invego, in cooperation with Äripäev’s Investor Toomase Investeerimisklubi organized a company and offering presentation event (in Estonian) on May 13, 2025 at 17:00 in Tallinn at Wise Estonian headquarters building (restaurant SUMI), developed by Invego. A similar event, organised in cooperation with Investoru Klubs (in English) took place on May 14 at 17:00 in Riga, at Invego’s office. Click below to view the event in English (introduction words in Latvian).
That focuses on creating innovative and inspiring living and working environments.
With over 10 years of experience, we’ve continuously refined and scaled our best practices, applying them to increasingly ambitious projects.
Success comes from our people. Our team combines strong market knowledge with a solid track record and a quality-first approach.
Detailed information about the program and the conditions of the Invego bonds public offering:
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Over 90% of Riga’s residents still live in aging Soviet-era apartments. With a 48% overcrowding rate — the highest in the Baltics (Eurostat 2023), compared to 21% in Estonia and 31% in Lithuania — there is a clear and growing demand for modern homes.
Riga offers the most affordable housing among the Baltic capitals. Average loan sizes remain nearly 2x lower than in Tallinn or Vilnius, while official income levels and loan accessibility are steadily increasing. Compared to Estonia, the number of home loans issued per capita in Latvia is currently twice as low.
After thorough preparation and market research, we are bringing our highly experienced team and more than 10 years of expertise in large-scale residential and commercial developments to Latvia. With proven scaling know-how, deep market knowledge, and a quality-first mindset, we are ready to build a strong presence in our neighboring core market.
Positioned between the more developed Estonian and Lithuanian markets, Latvia benefits from regional integration, growing economic momentum, and cross-border banking — creating strong tailwinds for catch-up growth.
Zakusala Islands
Start of the new market learning phase.
Riga market research and feasibility assessments for potential new developments.
Development of the strategic vision and key terms for Invego’s Riga pilot project.
Acquisition of the Parka Kvartāls land plot for the pilot project- co-venture with Reterra.
Hands-on active market learning process through the pilot project (Parka Kvartāls), including the conceptual planning, design & construction permits process.
Acquisition of the 2nd project in Riga, Skanstes Rezidences land plot in Skanstes area and the 3rd project in Miera street.
Strategic decision to expand more actively into Latvia and consider it as Invego’s core market.
Start of the Parka Kvartāls 1st phase construction.
Acquisition of the 4th project Vitolu Parks land plot in Duntes street.
Creation of the Invego Latvian future development pipeline through the acquisitions of the 5th, 6th, 7th, 8th, 9th, 10th and 11th project land plots in Riga and the Riga metropolitan areas – a diverse portfolio targeting different customer segments across various locations.
Opening of Invego’s Riga office and building the team.
Start of construction of Skanstes Rezidences complex.
Bringing Invego’s vision and proven development expertise to Latvia by transforming acquired land into inspiring future-focused, award-winning residential neighborhoods.
Establishing a strong foothold in the market, consistently ranking among the top3 residential real estate developers in Latvia.
has been invested in Invego’s Latvian development projects for the acquisition of land plots and pre-development costs. The investment has been made using Invego’s and its co-investors’ own funds.
Invego has successfully acquired and owns land for its projects, securing a diversified portfolio across different areas and segments.
Our development projects are in various stages, providing a strong and balanced pipeline.
The funds will be used to advance our portfolio in Latvia, including the following key development activities:
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.
– 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
– 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
– 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
– 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
– €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 investors, construction and architectural firms
– Invego and its co-investors have invested €24.9 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
1. To subscribe to Invego bonds, you must have a securities account, which can be opened through your home bank. For a company or other legal entity to subscribe to the bonds, a valid LEI code is required. To obtain an LEI code, please contact Nasdaq CSD.
2. Invego bonds can be subscribed through any bank listed as an account operator with Nasdaq CSD. When placing a subscription order, it is important to indicate the maximum number of bonds you wish to acquire. The required amount of funds must be available in your account at the time of submitting the subscription order and will be reserved until the allocation of the bonds.
3. To submit a subscription order, you can use the bank links below by selecting your home bank where your securities account is held, or place your order through any bank listed in Nasdaq’s account operator list: https://nasdaqcsd.com/estonia/en/list-of-participants/
Who is Invego?
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.
What sets Invego apart from other developers?
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:
Our developments are not just buildings – they are investments in the future.
How is Invego’s business structured?
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.
How can I subscribe to Invego’s bonds?
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.
When must I pay for the subscribed bonds?
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.
How are the bonds taxed?
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.
Can I change or cancel my subscription order?
Yes. During the subscription period (12–22 May 2025), you can modify or cancel your order by contacting your bank.
Are Invego’s bonds secured?
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.
What happens if the offering is oversubscribed?
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.
What are the minimum and maximum subscription amounts?
The nominal value of one bond is €1,000, which is also the minimum subscription amount. There is no maximum limit for subscription.
When will I find out how many bonds I was allocated?
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).
What happens if I don’t get the full amount of bonds I subscribed for?
If fewer bonds are allocated than you subscribed for, the unused portion of the funds will be returned to your bank account.
When will I start receiving interest payments?
Interest is paid quarterly on the following dates:
The first interest payment will be made on 29 August 2025.
What is the bond maturity?
The bonds have a 4-year term, with a final maturity date on 29 May 2029.
Will the bonds be tradable on the exchange?
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.
When does Invego’s public bond offering take place?
The public offering begins on 12 May 2025 at 10:00 AM and ends on 22 May 2025 at 15:30 PM.
What is the minimum subscription amount?
The minimum subscription amount is €1,000.
Can investors get more information about the bond offering, and where?
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
How will the funds raised from the bond issuance be used?
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.
Why should I invest in Invego bonds?
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
Experienced team and quality-first approach
Creating future homes through our development model
Attractive market entry conditions and timing
Strong track record and financials
Strong revenue streams from diversified high-quality portfolio in Riga and surroundings
What are Invego’s main projects in Latvia?
Invego is actively developing six large-scale and diverse residential projects in Latvia:
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.
Who are Invego bonds targeted at?
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.
What is Invego’s previous bond issuance experience?
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.
Where can I find offering-related materials and information?
The materials related to the offering can be found HERE
This website: www.invego.ee/investor (the Website) provides information regarding the public offer of bonds by Invego Latvia OÜ. The information presented herein may be summarised, not comprehensive, indicative and non-binding. The only binding information is in the “Documents” (to the extent indicated therein) as defined in the “Terms and Conditions of Invego Latvia OÜ Non-Convertible Bond Issue”. The information contained on this Website has not been independently verified. You should not rely upon it or use it to form the definitive basis for any decision, commitment or action whatsoever.
The information presented herein does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information contained on the Website is an advertisement within the meaning of Regulation (EU) 2017/1129. The bonds referred to herein are offered only in Estonia, Latvia and Lithuania and exclusively based on the “Documents” as defined in the “Terms and Conditions of Invego Latvia OÜ Non-Convertible Bond Issue”. The documents made available on the Website have not been submitted to, reviewed by, confirmed, registered or approved by any regulatory or supervisory authority of any jurisdiction. The bonds are offered in accordance with Article 3(2) of Regulation (EU) 2017/1129 and the respective national legislation of Estonia, Latvia and Lithuania based on the documents made available on the Website.
Investment in the bonds of Invego Latvia OÜ discussed herein involves certain risks. The principal risk factors that may affect the Invego Latvia OÜ’s ability to fulfil its obligations are discussed in the Invego Latvia OÜ’s ”Information Document for Non-Convertible Bond Issue in the Maximum Aggregate Nominal Value of up to EUR 8,000,000” which is available on the Website. If any of these risks materialize, the investor may not receive the expected return or may incur partial or complete loss of their investment. The list of risks is reflective of Invego Latvia OÜ’s understanding of risks related to the issue of bonds as of the date of the information document. The list of risks should not be deemed to be exhaustive. Additional risks and uncertainties relating to Invego Latvia OÜ that are not currently known, or that are currently deemed immaterial, may individually or cumulatively also have a material adverse effect on the business, prospects, results of operations and/or financial position of Invego Latvia OÜ and its ability to redeem the bonds.
Before entering into any transaction in respect to the bonds of Invego Latvia OÜ you must ensure that you fully understand such transaction and have made an independent assessment of the appropriateness of such transaction in the light of your own objectives and circumstances. Prospective investors should carefully acquaint themselves with the “Documents” before making a decision to invest in the bonds. Nothing presented on the Website or in the “Documents” may be construed as investment, financial, legal, tax, accounting or other specialist advice or a recommendation.
Please consult with an expert, if needed. Investors should conduct their own inquiries into the possible financial, accounting, legal risks and tax consequences associated with the issue of and investment in the bonds.
The bonds of Invego Latvia OÜ are offered publicly only in Estonia, Latvia and Lithuania. The information contained in this section of the Website is not intended for publication, distribution or transmission, in whole or in part, directly or indirectly, in any other country or in any circumstances in which such publication, distribution or transmission would be unlawful. No sale or offering of the bonds will be made in any jurisdiction where such offer, solicitation or sale would be unlawful, without any exemption or qualification provided by law, or to persons to whom financial sanctions have been imposed by competent authorities. Persons visiting this Website who are subject to the laws and regulations of any such jurisdiction must inform themselves of and comply with all applicable restrictions or requirements.
