Hepsor AS is starting a collaboration with the EfTEN Special Opportunities Fund, a trust fund managed by EfTEN Capital, to start a joint development project in Lasnamäe.
Hepsor AS’s subsidiary, Hepsor Finance OÜ, signed a shareholder agreement under which a 50% stake in Hepsor SOF OÜ was sold to the EfTEN Special Opportunities Fund, managed by EfTEN Capital. The sale of the stake in Hepsor SOF OÜ forms the basis for the joint implementation of the development project located in Lasnamäe.
On April 10, 2025, a shareholders’ agreement was signed for Hepsor SOF OÜ, under which Hepsor SOF OÜ will acquire the following properties from companies within the Hepsor Group for a total price of 9.0 million euros (plus VAT):
A real rights agreement was concluded between Hepsor Fortuuna OÜ and Hepsor SOF OÜ, under which properties located at Paevälja pst 5, 7, and 9 in Tallinn were sold. The transaction value is 2.7 million euros (plus VAT).
A contract under law of obligations was signed between Hepsor N450 OÜ and Hepsor SOF OÜ, under which properties located at Narva mnt 150 and 150a in Tallinn will be sold. The transaction value is 6.3 million euros (plus VAT). The real rights transaction will take place in the coming months after the detailed planning for the properties is finalised.
The property acquisition agreements were signed on April 11. Hepsor`s shareholders will earn a total profit of approximately 3.7 million euros from these transactions, of which 1.9 million euros will be realised in 2025. The released capital will be directed towards other development projects within the Hepsor Group in its home markets.
The joint development project between Hepsor and EfTEN in Lasnamäe includes the construction of approximately 300 apartments along with a smaller amount of commercial space. The development will be carried out in three stages, with each stage comprising around 100 new homes. Construction of the first stage is planned to begin in 2026.
In the same development area, Hepsor has already completed the “Paevälja Courtyard Houses” project, which added 100 new homes and was completed in 2023. In total, Hepsor plans to develop approximately 500 new homes in this area across various phases. The Lasnamäe district has a population comparable to that of the city of Tartu and is one of the most densely populated residential areas in Estonia. Development competition in the area is low, making the project strategically important and commercially attractive for Hepsor.
“Cooperation with EfTEN allows us to bring a new standard of living environment to Lasnamäe. EfTEN is a reliable and professional partner whose long-standing experience in real estate investments adds strategic value to the project,” explained Henri Laks, Chairman of the Management Board at Hepsor.
