Invego Group OÜ bond issue

About company

Invego, one of the leading real estate developers in Estonia, boasts over 15 years of success in residential and commercial properties with more than 150,000 m² already developed and EUR 220m generated from sales.

The Group contains over 60 companies, which operate under the INVEGO brand and are managed by the Invego team.

Having a diversified portfolio in different segments and areas, Invego combines expertise with a strategic footprint in Tallinn, Riga, and surrounding areas, ensuring a balanced and resilient high-quality real estate portfolio.

Although Invego’s core markets are Estonia and Latvia, in 2023, the Group also entered Portugal.

In Estonia, five projects are currently in the sales phase and six are in the pipeline, with total projected sales revenue of EUR 551 million, of which EUR 214 million is expected to be generated during the bond period.

In addition, 15 projects have already been completed in Estonia, including 10 residential and 5 commercial developments.

In Latvia, seven projects are currently in the sales phase and five are in preparation, with total projected sales revenue of EUR 691 million, of which EUR 335 million is expected to be generated during the bond period.

The first development project in Portugal, Silves Hills, is in the sales phase, comprising a 154-villa development spanning 60 hectares in the Algarve region.

In May 2025, Invego Group subsidiary Invego Latvia OÜ issued a 4-year secured bond targeted to the Baltic retail investors with an aim to mainly finance expansion in Latvia.

Unlike the 2025 country-specific Invego Latvia bond, the new issue is structured at Group level, providing diversified exposure across multiple projects and geographies.

The funds from the Invego Group OÜ bond issue will be used to advance the Group’s existing pipeline development projects, co-finance the construction activities together with the project-based bank loans and accelerate growth plans in core markets.

Additional information: https://signetbank.com/wp-content/uploads/2026/03/Invego_teaser_FINAL.pdf

Term Sheet

Issuer

Invego Group OÜ

Security type

Senior unsecured bonds

ISIN

EE0000003655

Offer type

Public offering

Issue size

First tranche up to EUR 4 million
In case of oversubscription can be increased up to EUR 8 million

Coupon rate

9.5%, fixed

Coupon frequency

Quarterly

Maturity

4 years

Principal repayment

Maturity date, bullet

Call option

@100% 1 year before maturity

Nominal value

EUR 1,000

Minimum subscription

EUR 1,000

Listing

Nasdaq Tallinn First North within 6 months after the Issue Date

Financial covenants*

Adjusted Equity Ratio** min. 20%

Use of proceeds

Financing Invego Group residential real estate development projects advancement

Lead Manager

AS LHV Pank (Estonia)

Sales Agent

Signet Bank AS (Latvia)

Legal Advisor

TEGOS AS (Estonia)

*Full list of covenants can be found in the Information Document and Final Terms

**Adjusted Equity Ratio (%) = Total equity / (Total assets – Construction loans)

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