TALLINN, Jan 6 (LETA--BNS) - Real estate developer Invego has brought in the EfTEN Special Opportunities Fund, managed by EfTEN Capital, as a strategic partner for the development of the Marupes Sirds residential district near the Latvian capital, Riga.

In a transaction at the end of December, Invego Latvia OU sold 50 percent of its subsidiary, Invego Marupe Sirds, to the fund.

According to Kristjan Tamla, a member of the management board of EfTEN Capital, this is the first investment in Latvia for the EfTEN Special Opportunities Fund, which focuses on financing real estate developments. "The Riga housing market has been developing rapidly for the past year and a half, but finding a reliable partner and a suitable project was not easy. Invego, with whom we already have positive cooperation experience in Estonia, has now established a strong position in the Latvian market," Tamla commented. "In Latvia, too, an increasing number of people prefer to live in the areas surrounding the capital, and Marupe is one of the fastest-growing regions there. We see great potential, especially among young families, similar to what has materialized in our joint Uus-Jarvekula residential development, which is now nearing completion."

According to Kristjan-Thor Vahi, CEO of Invego, involving a strong financial partner adds significant certainty and momentum to a capital-intensive development project. "For any ambitious project, time is a key success factor, and with EfTEN, we can proceed with the Marupe development at an optimal pace," explained Vahi. He added that the first building permit for the project was issued in December 2025, and the builder for the residential district will be selected via a tender in the first quarter of 2026.

The first phase of the Marupes Sirds residential district will involve the joint construction of 65 homes, including 50 apartments and 15 terraced houses. During the pre-sale period, 13 of these homes have already been reserved. The architects for the development are Tectum Architects.

The first collaboration between the two parties began in 2021, when they jointly started developing the Uus-Jarvekula residential district in Rae Parish, Estonia. At that time, EfTEN Capital, the largest real estate fund manager in the Baltic States, made its first equity investment in a residential real estate project in Estonia through its EfTEN United Property Fund. Currently, the final construction phase of the Uus-Jarvekula district, which features 165 semi-detached and terraced houses in Rae Parish, is nearing completion, and the vast majority of the homes have been sold.

The Invego group is a new-generation real estate developer operating in three countries, specializing in establishing large-scale residential and business districts with integrated concepts that shape future urban spaces. With over 10 years of history, the Invego group comprises more than 60 companies in Estonia, Latvia, and Portugal, with a total of 30 different development projects currently underway. The Invego group has developed over 150,000 square meters of residential and 50,000 square meters of commercial real estate. Additionally, over 450,000 square meters of further development projects in both residential and commercial real estate are in the pipeline.