On Friday, 21 November 2025, the public offering of bonds of Hepsor AS (registry code 12099216, address Järvevana tee 7b, 10112 Tallinn, Estonia; Hepsor) ended (the Offering). This was the first series of Hepsor’s 20-million-euro bond programme, which was carried…
The impact of falling interest rates is fading. Policy changes and rising net incomes will continue to support market activity in 2026. Housing affordability saw only a marginal improvement in the third quarter of 2025, which comes as no surprise.…
Hepsor AS (registry code 12099216, address Järvevena tee 7b, 10112, Tallinn, Estonia; Hepsor) announces a bond programme (Programme) in the total amount of EUR 20 million and a public offering (hereinafter Offer) of the first series of bonds under the Programme. As…
At the EfTEN Real Estate Fund AS Annual General Meeting held on 8 April 2025, the shareholders authorised the Supervisory Board, for one year from the adoption of the resolution, to decide on increasing the fund’s share capital by carrying…
COMMENTARY FROM MANAGEMENT Merko Ehitus generated revenue of EUR 74 million in the third quarter of 2025 and EUR 242 million in the first 9 months of the year. Net profit for Q3 amounted to EUR 15.0 million, while net…
Global growth has been more resilient than expected so far this year, despite the impact of new tariffs and a high level of uncertainty. Economic growth has slowed down in the US and China, but the global outlook appears slightly…
EfTEN Real Estate Fund AS earned consolidated rental income of €2,701 thousand in September 2025, remaining at the same level as in August. The Fund’s consolidated net operating income (NOI) amounted to €2,606 thousand, decreasing by €16 thousand compared to…
Arco Vara AS hereby announces the public offering of its bonds. The offering will be carried out on the basis of the prospectus approved by the Estonian Financial Supervision Authority on 8 September 2025, which has been published on the…
Throughout the summer, the US administration continued to reshape its global relationships. The prevailing uncertainty, together with the higher tariffs, will weigh on global growth ahead. Global manufacturing will struggle to adapt to a new normal, and the outlook for…
Northern Horizon Capital AS, the management company of Baltic Horizon Fund, hereby notifies that management company’s current sole shareholder Northern Horizon A/S (registered in Denmark under register number 27599397) has signed a contract to sell all its 12,500 shares in…
The most notable improvement across the Baltics was in secondary market activity. Summer heat in Vilnius, spring in Riga and a prolonged winter in Tallinn’s primary market. Housing affordability continued to recover in all Baltic capitals in the second quarter…
Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the six months of 2025. Challenges in Executing our Strategy Our strategy emphasizes developing governmental and social tenant concepts and centrally…
COMMENTARY FROM MANAGEMENT Merko Ehitus generated revenue of EUR 83 million in the second quarter of 2025 and EUR 168 million in the first half of the year. Net profit for Q2 amounted to EUR 11.2 million, while net profit…
On 10 July 2025 PS MB.MS, a joint venture entity of UAB Merko Statyba and SIA Merko Būve, both fully owned subsidiaries of AS Merko Ehitus group, and SIA WPR 2, a fully owned subsidiary of SIA Zaļā Elektrība, entered…
Declining interest rates and solid wage growth, especially in Riga and Vilnius, increased housing affordability. The ECB could cut rates three more times this year, which will support affordability going forward. Housing markets in the Baltic capitals seem to be…
