HPR1T HEPSOR AS

Hepsor prepares a bond programme

Hepsor prepares a bond programme

Publicly listed real estate developer Hepsor, in cooperation with LHV Pank, is preparing a bond programme and plans to list the bonds on the main list of the Nasdaq Tallinn Stock Exchange in order to diversify the company’s financing structure and ensure capital for funding projects in its diversified portfolio across its home markets.

‘The planned bond programme will give us the opportunity to react quickly when market conditions offer good investment opportunities or favour the raising of additional capital. Considering the length of the real estate development cycle, it is reasonable to give projects a boost at the right moment,’ said Martti Krass, CEO at Hepsor.

Real estate development cycles are long, which is why projects often need financing at different stages. The goal of the bond programme is to ensure flexible access to capital for the company, precisely when market conditions are most supportive. The raised capital will be directed towards the implementation of ongoing and new residential and commercial development projects. Hepsor’s portfolio includes a total of 30 projects in different stages of development – 15 in Estonia, 10 in Latvia, and 5 in Canada.

‘The advantage of our bond programme, which is aimed at retail investors, is that we do not tie the raised capital to a specific project or market, but to our overall development plan. Our cash flows are stable and based on a geographically and segmentally diversified development portfolio, encompassing both residential and commercial real estate, markets in Estonia, Latvia and Canada, as well as projects in various stages of the development cycle. This provides investors with security and diversifies risk, as the investment does not depend solely on the success of a single development,’ added Krass.

As part of the planned programme, Hepsor intends to apply for the bonds to be listed for trading on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. Hepsor’s shares have been listed on the main list of the Baltic Stock Exchange since 2021.

Hepsor invites all interested parties in Estonia on 13 November and in Latvia on 14 November to the autumn-winter investor meetings, where the company’s CEO, Martti Krass, will provide an overview of the development portfolio and the situation in the home markets, as well as of the company’s planned investments and bond programme. Participation is open to all, and more detailed information will be published on Hepsor’s website.

The public offering of the bonds is subject to the approval of the prospectus by the Financial Supervision Authority. Hepsor will issue a separate notice concerning the approval of the prospectus, the start of the bond offering, and the related terms and conditions.

Hepsor is a company, founded in 2011, that has grown from a builder of apartment buildings into a modern developer of residential and commercial real estate. The company currently operates in Estonia, Latvia and Canada. Hepsor’s strength lies in innovation and an environmentally conscious approach, resulting in the creation of not only buildings but also complete living and business environments.

This notice is intended solely for informational purposes and refers to a potential future offering. It should not be regarded as an offer to sell bonds or investment advice. Likewise, no sale or public offering of bonds will take place in any country or jurisdiction until the relevant prospectus or other required offering document has been duly approved, registered or published in accordance with applicable law.



Martti Krass

Member of the Management Board

Phone:

E-mail:



EN
08/10/2025

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