EfTEN United Property Fund has entered into an agreement to the extension of the Uus-Järveküla residential district. Under the plan, 22 detached houses are to be built at the site.
The fund will invest in the expansion of the development project in stages, contributing a total of approximately EUR 1.5 million through a shareholder loan bearing interest of 10% per annum. In addition, the fund holds an 80% stake in Invego Uus-Järveküla 2 OÜ, the company developing the Uus-Järveküla residential district expansion. Completion of the development project is planned for 2029.
EfTEN United Property Fund invested in total EUR 3.52 million in the Uus-Järveküla residential district in 2021 and 2023. All 165 terraced and semi-detached houses originally planned for the district have been completed, of which 161 have been sold to date. The development company Invego Uus-Järveküla OÜ has by now returned the entire principal of the shareholder loan together with interest, amounting to EUR 4.81 million, to EfTEN United Property Fund. Going forward, the fund is expected to earn the development company’s profit in proportion to the ownership.
Kristjan Tamla
Managing Director
Phone: 655 9515
E-mail: kristjan.tamla@eften.ee
