Real Estate Developer Invego Plans to Issue Corporate Bonds for the First Time
Invego Group OÜ, the parent company of one of Estonia's larger real estate development groups Invego, plans to publicly offer bonds to Baltic investors at the group level in spring 2026 and list them for trading on Nasdaq Baltic's alternative market First North.
Invego CEO Kristjan-Thor Vähi emphasizes that the bond issuance is planned to continue the group's development in Estonia, Latvia, and Portugal. "Invego's strength is in developing comprehensive, large-scale, and distinctive living and business environments. Over the past year, all ten developments on public sale progressed rapidly, with Verve residential quarter in Estonia and Torņakalna Terases residential quarter in Latvia added this year. Additionally, at least two more large-scale developments are awaiting disclosure later this year," describes Vähi the group's recent activities and ambitions. Vähi also recalls that last year Invego completed one of Tallinn's larger and more distinctive new business quarters, often called Krulli Park, known as Wise's home.
Invego Group OÜ, with a balance sheet exceeding 180 million euros, includes over 60 companies, of which 40 business operations are consolidated as of the end of the 2025 financial year. "Over the past three years, we have thoroughly reorganized the group's structure and brought all financial accounting in line with the international IFRS standard. This is how we can today speak for the first time about our intention to issue group-level bonds," explains Kristjan-Thor Vähi and recalls that in 2025, Invego Latvia OÜ, which belongs to the group, successfully issued bonds and at that time investor subscription interest exceeded the originally offered volume fourfold.
According to Silver Kalmuse, head of LHV Bank's bond division, one of this year's expectations was that the debut of bonds from Invego Latvia OÜ, which belongs to the Invego group, in the previous year would not remain a one-time occurrence. "It is welcome that Invego sees the Baltic capital markets as part of the group's financing strategy and from a market perspective, consistent presence in the bond market is clearly positive. Investor meeting feedback from the previous year confirmed that investors prefer precisely group-level bond issuance, which also supports Invego's long-term strategic goals."
In cooperation with LHV Bank, the Invego Group OÜ bond issuance being prepared will have its volume, interest rate, and other specific terms disclosed according to plan in early March, and the bonds are planned to be issued during spring 2026.
About Invego
Invego Group is a next-generation real estate developer operating in three countries, specializing in the construction of large residential areas and business quarters with comprehensive concepts that create future urban space. Invego group companies in Estonia, Latvia, and Portugal currently have approximately 30 different development projects underway. Invego has developed 150,000 m2, including 1,500 homes and over 50,000 m2 of business space, and has another 500,000 m2 of residential and commercial real estate under construction.
The largest completed developments so far are Vana-Peetri, Tiskreoja, and Tabasalu Kodu, and currently underway are the Luccaranna, Uus-Järveküla, Keila Pargikodude, and Verve residential areas.
In Latvia's capital, Invego develops residential quarters Vitolu Parks and Torņakalna Terases, together with development partner Reterra Parka Kvartals, Skanstes Rezidences, and Miera Rezidences, and near Riga the residential area Vide Adaži and Marupes Sirds together with EfTEN Special Opportunities Fund.
In southern Portugal, Silves Hills spanning 65 hectares with 154 villas is under development, which are suitable for both year-round living and seasonal use.
The purpose of this notice is solely to inform about a possible future bond issuance. This should not be considered an offer of bonds or a call for subscription of bonds, nor investment advice. The sale or offering of bonds will not take place in any jurisdiction before a required offering document has been properly published in accordance with applicable law. The sale or offering of bonds will also not take place in any jurisdiction where such offering, invitation, or sale would be unlawful.
