EfTENi Fund and Invego Joint Development Purchased Three Houses Full of Homes in the First Month

EfTEN United Property Fund and real estate developer Invego's Uus-Järveküla residential area being built in Rae parish saw 16 townhouses sold in the first month, which is a tenth of the project's total volume. The project's total cost is 45 million euros and the first phase will be completed in spring 2023.

"The first three buildings of homes are essentially sold and from today we are putting the next three houses on the market," confirmed Kristjan-Thor Vähi, head of Invego which is developing Uus-Järveküla, noting that the development's strengths include fast and convenient connection to Tallinn, excellent kindergartens and schools, other essential infrastructure, and at the same time proximity to nature. "Certainly, the fact that EfTEN, a very reputable investor, is behind the development helps to conclude sales transactions a year and a half ahead of schedule," emphasized Vähi.

"EfTEN United Property Fund's nearly 3,000 investors have reason to be pleased that the project sales have gone well from day one. Anyone can become a co-investor in this project today by purchasing EfTEN United Property Fund units for as little as 10 euros," explained Kristjan Tamla, head of EfTEN's retail business division.

The Uus-Järveküla residential area is designed by PIN Architects, and a total of 165 townhouses and semi-detached houses will be built. Construction begins in early 2022 and the first homes will be completed in spring 2023. EfTEN United Property Fund finances the development of Uus-Järveküla residential area with a 2.5 million euro investment.

EfTEN Capital is the largest manager of commercial real estate funds in the Baltic states. The assets managed by EfTEN Capital amount to 800 million euros and EfTEN Capital manages six real estate investment funds in total. The company has offices in all three Baltic countries and employs over 50 people in total.

Invego is Estonia's leading developer of comprehensive residential areas, under whose leadership the Vana-Peetri residential area located near Uus-Järveküla has been completed, and currently the Tiskreoja, Tabasalu Kodu and Luccaranna residential areas are being completed. In the past five years, the company has built homes for more than 500 families in Tallinn and its surrounding area.