Hepsor AS announces bond offering to fund Baltic developments

Real estate developer Hepsor AS has announced a public offering of its second series of bonds under a EUR 20 million programme. The company aims to raise between EUR 3 million and EUR 5 million from retail and institutional investors in Estonia, Latvia, and Lithuania.

The bonds carry a fixed annual interest rate of 9.5%, with interest payments made quarterly. Each bond has a nominal value of EUR 1,000 and a maturity date in September 2029. The subscription period is scheduled from August 25, 2026, to September 4, 2026, with the first day of trading expected around September 14, 2026, on the Nasdaq Tallinn Stock Exchange.

Hepsor intends to use the raised capital primarily to finance development projects in Estonia and Latvia. The company’s current portfolio includes 513 homes under construction in Tallinn and Riga, with plans to increase construction volumes and expand commercial projects, such as the Veski Keskus shopping center in Estonia.