EfTEN United Property Fund first investment to residential development
EfTEN United Property Fund acquired for 2,5mio EUR an 80% ownership in residential development project at Uus-Järveküla. Developer of the project is OÜ Invego who has a long and successful track record in residential development. EfTEN United Property Fund acts as a financial partner of the project.
Uus-Järveküla residential development targets households who are looking for larger homes due to increased size of their family. Among others, this includes a largest generation in Estonia born around the Singing Revolution in 1980s and early 1990s.
Residential development is planned to be finalised in stages between spring 2023 till end 2024. Upon completion there will be 149 row houses and 16 pair houses with total net sellable area of ca 18k square meters. With planned development costs and sale prices the expected annualised return of the project for the EfTEN United Property fund is 15%.