Hepsor AS and EfTEN Special Opportunities Fund’s joint venture Hepsor SOF OÜ acquired two new properties at Lasnamäe
Hepsor AS and EfTEN Special Opportunities Fund’s joint venture Hepsor SOF OÜ entered into a real right contract on 21 July 2025, acquiring the properties at Narva mnt 150 and Narva mnt 150a. The properties were purchased from Hepsor Group company N450 OÜ. The value of the transaction is EUR 6.3 million, to which VAT will be added. Hepsor will generate a profit of EUR 2.8 million from the sale of the properties, of which EUR 1.4 million will be realised in the third quarter of this year.
The purchase of the properties is part of a cooperation project between Hepsor and EfTEN in Lasnamäe, Tallinn, within the framework of which properties were previously acquired, on 11 April 2025, at Paevälja pst 5, 7 and 9. The joint development project between Hepsor and Eften will see the construction of around 300 homes and, to a lesser extent, commercial premises. The development will be carried out in three stages, each of which will deliver around 100 new homes. The first stage of construction is scheduled to begin in 2026.
The development area of Paevälja and Narva mnt is a larger development area for Hepsor. In 2023, Hepsor completed the Paevälja courtyard houses development project in the same area, within the framework of which a total of 100 new homes were built in the area during stage I. Hepsor will build a total of around 500 new homes and 4,200 m² of rentable commercial space in the development area as a whole.
For the development area as a whole, two landmark events have taken place in the last 6 months. In December 2024, the detailed plans for Paevälja pst 5, 7 and 9 were approved and in May 2025, the detailed plans for Narva mnt 150, 150a, 150b and Alvari tn 1, 1a, 3, 5 and the surrounding area were approved. This will create an opportunity for Hepsor to build an additional 400 homes in the area.
The Lasnamäe district is comparable in population to the city of Tartu and forms one of the most densely populated residential areas in Estonia. Development competition in the area is low, which makes the project strategically important and commercially attractive for Hepsor.
‘The cooperation with EfTEN will allow us to bring a new quality of life to Lasnamäe and at the same time strengthen the capital structure of the Hepsor Group. EfTEN is a reliable and professional partner, whose long experience in property investment adds strategic weight to the project,’ explained Henri Laks, Chairman of the Management Board of Hepsor.
Henri Laks
Member of the Management Board
Tel: +372 5693 9114
E-mail: henri@hepsor.ee
Hepsor AS (www.hepsor.ee) is a developer of residential and commercial real estate. The Group operates in Estonia, Latvia, and Canada. In fourteen years of operation, we have created 2,076 homes and nearly 36,300 m2 of commercial space. Hepsor is the first developer in the Baltic States to implement a number of innovative engineering solutions that make the buildings it builds more energy efficient and thus more environmentally friendly. The company has a portfolio of 25 development projects with a total area of 172,800 m2.
