Everaus Kinnisvara, one of Estonia’s most diversified real estate developers, submitted an application to Nasdaq Tallinn on April 23 to list its bonds on the First North alternative market. The public offering, prepared in cooperation with Redgate Capital AS and law firm TRINITI, will be open to both institutional and retail investors across the Baltics. Details including the offering volume, interest rate, and terms will be announced in early May, with the offering expected to close in early June.
Celebrating its 10th anniversary this year, Everaus Kinnisvara has evolved from a single-family housing developer into a dynamic company with a portfolio that spans apartment buildings, townhouses, semi-detached homes, office buildings, stock-office spaces, and mini-warehouses.
“While many market players focus solely on either residential or commercial real estate, Everaus Kinnisvara has taken a more ambitious path by developing in both sectors,” said Janar Muttik, Founder and CEO of Everaus Kinnisvara. “Our residential projects are designed for sale, while our commercial properties are developed as income-generating assets, retained in our ownership to ensure stable long-term cash flow and risk diversification.”
To date, the company has built integrated living and business environments across nearly 30 hectares of land, with an additional 70+ hectares in its development pipeline. “Our portfolio includes six residential developments totaling more than 600 units, around 200 of which are currently in progress. On the commercial side, we have over 80,000 m² of leasable space, of which 15,000 m² is either completed and leased or under construction,” added Muttik. “While we operate in Estonia, we’re also expanding into Latvia this year. The funds raised through the planned bond issuance will support the financing of our active construction projects and our continued growth.”
In 2024, Everaus Kinnisvara reported consolidated audited revenue of €14.6 million, net profit of €2.9 million, and total assets of €45.6 million.
“The scale and diversity of Everaus Kinnisvara’s development portfolio clearly demonstrate the company’s capacity for long-term growth,” commented Valeria Kiisk, Partner at Redgate Capital. “With a strong focus on design, energy efficiency, and thoughtfully planned environments, the company has attracted the attention of both homebuyers and investors. The planned bond offering presents a transparent opportunity for investors to be part of Everaus Kinnisvara’s success story. The company holds significant land positions, and the proceeds from the issuance will be directed toward financing ongoing construction projects.”
Everaus Kinnisvara is widely recognized for developing high-quality residential and commercial environments with distinctive architecture, energy efficiency, and user-friendly layouts. “We aim to be trendsetters and market leaders—and we are the only developer in Estonia whose residential projects have consistently received top honors in home and urban space design competitions,” said Muttik. “Our strength lies in our experienced and dedicated team, and in our ability to manage the entire development cycle—from planning and permitting to after-sales service for residential properties and facility management for commercial assets.”
This notice is for informational purposes only and reflects Everaus Kinnisvara AS’s intention to potentially launch a bond offering in the near future. It does not constitute a complete overview of the company’s business activities or financial situation, nor is it a public offering, solicitation to purchase bonds, investment analysis, or investment advice. Full details of the offering, including volume, interest rate, and terms, will be published through Nasdaq Tallinn.
