Invego Group, a leading Estonian real estate developer with a significant presence in Latvia, plans to offer group-level bonds to Baltic investors in the spring of 2026 and list them on the Nasdaq Baltic First North market.
The move comes after a successful bond issuance by its Latvian subsidiary, Invego Latvia OÜ, in 2025, which saw investor demand exceed the initial offering by nearly four times. This indicates growing confidence in the Baltic real estate market and Invego’s business model.
Kristjan-Tõurs Vähi, Invego’s CEO, emphasized that the latest bond issue is intended to support the group’s continued growth in Estonia, Latvia, and Portugal. “Invego’s strength lies in the development of comprehensive, large-scale residential and business projects with a distinctive approach,” Vähi stated. “Last year, all ten development projects currently for sale showed significant progress. This year, we have already launched two new residential projects – Verve in Estonia and Torņakalna Terases in Latvia – and plan to announce at least two more significant development projects this year.”
In 2025, Invego completed the construction of Krulli Park in Estonia, one of Tallinn’s largest and most unique new business districts, which houses the headquarters of the company Wise. The group’s balance sheet total exceeds EUR 180 million, encompassing more than 60 companies, with 40 consolidated as of the end of the 2025 financial year.
“Over the past three years, we have carefully restructured the group and ensured that all financial reporting complies with international IFRS standards,” Vähi explained. “This allows us, for the first time, to consider the possibility of issuing bonds at the group level.”
Silver Kalmuss, Head of Bond Department at LHV Bank, noted that Invego Latvia OÜ’s bond debut last year is unlikely to be a one-time event in the Baltic capital market. According to Invego, “It is commendable that Invego sees the Baltic capital market as an integral part of the group’s financing strategy. From the market’s perspective, consistent presence in the bond segment is undoubtedly a positive signal. Feedback from last year’s investor events confirmed that Baltic investors prefer a bond issue at the group level, as it simultaneously strengthens Invego’s achievement of its long-term strategic goals.”
The terms of the Invego Group OÜ bond issue, including the amount, interest rate, and other conditions, are being developed in collaboration with LHV Bank and are expected to be announced in early March, with the issuance planned for the spring of 2026.
Invego Group is a real estate developer operating in three countries, specializing in the creation of large-scale residential and business districts with an integrated concept that shapes the future urban environment. With more than ten years of experience, Invego Group is one of the most experienced developers in the region. The Invego group comprises more than 60 companies in Estonia, Latvia, and Portugal, with approximately 30 different development projects currently underway.
To date, Invego has developed more than 150,000 m² of space, including more than 1,500 homes and more than 50,000 m² of commercial space, with another 500,000 m² of residential and commercial space in the preparation stage. The largest completed projects in Estonia include Vana-Peetri, Tiskreoja, and Tabasalu Kodu, although the Luccaranna, Uus-Järveküla, Keila Pargikodud and Verve residential areas are currently under development. In the Latvian capital, Invego is developing the Torņakalna Terases and Vitolu Parks residential areas, as well as projects Parka Kvartāls, Skanstes Rezidences and Miera Rezidences in collaboration with development partner Reterra. A large-scale residential area Mārupes Sirds and a row house quarter Vide Ādaži are being developed near Riga. Meanwhile, in the south of Portugal, the 65-hectare Silves Hills project with 154 villas suitable for both permanent living and seasonal use is taking shape.
Nasdaq Baltic announced on May 30, 2025, that secured bonds issued by Invego Latvia OÜ had been admitted to trading on the Nasdaq Baltic First North Market. The issue size of Invego’s secured bond is EUR 8 million, with each bond having a nominal value of EUR 1,000 and a fixed annual coupon rate of 11% paid quarterly.
