Invego Group OÜ, the holding company of one of Estonia’s largest real estate development groups Invego, intends to publicly offer group-level bonds to Baltic investors for the first time in the spring of 2026 and list them on the Nasdaq Baltic First North market.
Kristjan-Thor Vähi, CEO of Invego, emphasizes that the bond issuance is planned to support the group’s continued growth in Estonia, Latvia and Portugal. “Invego’s strength lies in developing comprehensive, large-scale, and distinctive residential and business environments. Over the past year, all ten developments currently in public sales have shown a strong progress. This year, we have already launched two new residential developments, Verve in Estonia and Torņakalna Terases in Latvia. Additionally, at least two more major developments are awaiting public announcement this year,” Vähi said, describing the group’s recent activities and ambitions. He also noted that last year Invego completed Krulli Park, one of Tallinn’s largest and most unique new business quarters, often referred to as the home of Wise.
With a balance sheet total of more than 180 million euros, Invego Group OÜ comprises over 60 companies, 40 of which are consolidated as of the end of the 2025 financial year. “Over the past three years, we have thoroughly reorganized the group structure and brought all financial accounting into compliance with international IFRS standards. This allows us to speak today, for the first time, about the intention to issue bonds at the group level,” explained Kristjan-Thor Vähi. He recalled that in 2025, Invego Latvia OÜ, a subsidiary of the group, successfully issued bonds, with investor interest exceeding the initial volume fourfold.
According to Silver Kalmus, Head of Bonds at LHV Bank, one of this year’s expectations was that the bond debut of Invego group company Invego Latvia OÜ last year would not be a one-off event. “It is welcome that Invego views the Baltic capital market as part of the group’s financing strategy. From a market perspective, a consistent presence in the bond market is clearly positive. Feedback from last year’s investor meetings confirmed that a bond issue at the group level is preferred by investors, as it simultaneously supports Invego’s long-term strategic goals.”
The volume, interest rate, and other specific terms of the Invego Group OÜ bond issue, which is being prepared in cooperation with LHV Bank, are planned to be announced in early March and bonds are scheduled to be issued during the spring of 2026.
About Invego
Invego Group is a next-generation real estate developer operating in three countries, specializing in the development of large-scale residential areas and business quarters with integrated concepts that create the urban space of the future. With more than 10 years of operating history, the Invego Group includes over 60 companies in Estonia, Latvia, and Portugal, with nearly 30 different development projects currently underway. To date, Invego has developed over 150,000 m² of space, including 1,500 homes and more than 50,000 m² of commercial premises, with an additional 500,000 m² of residential and commercial real estate currently in development.
Its largest completed developments in Estonia include Vana-Peetri, Tiskreoja, and Tabasalu Kodu, while Luccaranna, Uus-Järveküla, Keila Pargikodud, and Verve residential areas are currently under development.
In the Latvian capital, Invego is developing the Tornakalna Terases and Vitolu Parks residential areas, and together with development partner Reterra, the Parka Kvartals, Skanstes Rezidences and Miera Rezidences projects. In the immediate vicinity of Riga, Invego is developing the large-scale Marupes Sirds residential area and the Vide Adaži housing district consisting solely of terraced houses. In southern Portugal, the 65-hectare Silves Hills development with 154 villas is currently under development, suitable for both year-round living and seasonal use.
Additional information:
Invego
Kristjan-Thor Vähi,
Kadri Lindpere, +372 505 1239,
LHV Bank
Silver Kalmus, +372 562 06450,
The purpose of this press release is merely to provide information about a potential bond offer in the future. It is not an offer to subscribe for or an offer to purchase any bonds, nor does it constitute investment advice. There will be no sale or offering of bonds in any jurisdiction prior to the required offering document being published in accordance with applicable law. The bonds will not be sold or offered in any jurisdiction where such an offer, invitation or sale would be unlawful.