Invego Involved in EfTEN Special Opportunities Fund's New Residential Development in Latvia
Real estate developer Invego has brought EfTEN Capital's Trust Fund EfTEN Special Opportunities Fund as a strategic partner to the Mārupes Sirds residential development being built near Latvia's capital Riga. Through a transaction completed at the end of December, Invego Latvia OÜ sold a 50% stake in its subsidiary Invego Mārupe Sirds SIA to the fund.
According to Kristjan Tamla, a member of EfTEN Capital's board, this is the EfTEN Special Opportunities Fund's first investment in Latvia focused on financing real estate developments. "Riga's residential market has developed rapidly over the past year and a half, but finding a reliable cooperation partner and a suitable project was not easy. By now, Invego has established a strong position in the Latvian market, and we already have positive cooperation experience with them in Estonia," commented Tamla, adding: "In Latvia as well, more and more people prefer to choose their home in the outskirts of the capital, and Mārupe is one of the faster-growing areas there. We see great potential especially among young families, as we have seen realized in our Uus-Järveküla residential development that is nearing completion."
According to Invego's CEO Kristjan-Thor Vähi, bringing on a strong financial partner to a capital-intensive development project adds considerable certainty and momentum. "For any ambitious project, timing is one of the success factors, and together with EfTEN, we can move forward with the Mārupe development at the best pace," explained Vähi, noting that the first construction permit was issued to the project in December 2025, and the builder for the residential area will be determined through a tender in the first quarter of 2026. In the first phase of the Mārupes Sirds residential development, a total of 65 homes will be built together, of which 50 are apartments and 15 are townhouses, and 13 homes have already been reserved during pre-sales. The architects for the residential development are Tectum Architects.
The parties' first cooperation began in 2021, when they jointly started developing the Uus-Järveküla residential area in Rae municipality. At that time, the largest real estate fund manager in the Baltic states, EfTEN Capital, made its first investment in Estonia in residential real estate project equity through the EfTEN United Property Fund. Today, the Uus-Järveküla residential development with 165 semi-detached and townhouses being built in Rae municipality is nearing completion of its final phase, and the vast majority of homes have been sold.
