Hepsor

What Hepsor does

Hepsor AS is a publicly-listed Baltic real estate developer (Nasdaq Tallinn: HP7 / HPR1T) headquartered in Tallinn, Estonia, with operations in Estonia, Latvia, and a nascent Canadian subsidiary (Hepsor Kanada OÜ). Founded in 2011/2012, the company has developed 53 completed projects totaling 162,700 m² and 2,003 homes, with 151,900 m² in planning stages. Hepsor operates a project-based development model organized around flagship mixed-use quarters — Manufaktuuri Quarter (a multi-phase redevelopment of the former Baltic Cotton Factory in Põhja-Tallinn, ~1,100 homes planned including a potential 60-storey high-rise under JV with Tolaram Group), Paevälja Quarter (~470 homes on a former airfield in Lasnamäe), and Grüne Maja green office building — alongside Latvian projects including StokOfiss 34 and 360° Dzelzavas Residences. The company's technical approach emphasizes "green thinking": all new builds meet energy class A standards with solar panels, heat recovery ventilation, geothermal heating, and sustainable materials, with StokOfiss 34 also achieving BREEAM certification.

Hepsor generates revenue through one-time property sales (the majority stream), recurring commercial rental income in mixed-use quarters, and capital raises via Baltic bond markets. Full-year 2025 revenue was €35.4 million, down from €38.4 million in 2024, with Q1 2026 revenue of €3.8M reflecting project-completion timing. The company distributes through direct sales teams with named managers in Estonia and Latvia, project-specific e-commerce platforms with virtual tours, and Nasdaq Tallinn for bond placements (€8M raised November 2025 at 9.5% yield, oversubscribed). Customer segments include individual residential buyers and families (primary), commercial SMB tenants in mixed-use quarters, Baltic bond investors, and institutional development partners (EfTEN Special Opportunities Fund, Tolaram Group). The business model blends wholly-owned development (Hepsor AS, Hepsor SIA, Hepsor Kanada OÜ) with jointly-controlled joint ventures (Hepsor SOF OÜ with EfTEN) to scale project capacity beyond balance-sheet limits.

Name

Hepsor

Legal name

Hepsor AS

Website

https://hepsor.ee

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Hepsor AS is a publicly-listed Baltic real estate developer (Nasdaq Tallinn) building sustainable, energy class A residential and commercial properties in Estonia, Latvia, and Canada, with 53 completed projects and 2,003 homes delivered since 2011.

Ownership category

akta.pro rank

Product category

Residential and Commercial Real Estate Development

NAICS

New Housing For-Sale Builders (236117), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB)

akta.pro secondary industry

Mixed-Use Property Management (BPAJAGAE)

Keywords

• Residential development
• Commercial real estate
• Sustainable construction
• Mixed-use development
• Green building

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Property Sales: Hepsor generates the majority of revenue from selling residential apartments and commercial spaces. The company develops multi-phase residential quarters and commercial buildings, selling units upon completion or during construction. Full-year 2025 revenue was €35.4 million.
2. Commercial Rental Income: The company generates rental income from commercial premises within its mixed-use developments, including retail spaces, offices, and business premises in the Manufaktuuri quarter and other properties.
3. Bond Issuance: Hepsor raised €8 million through a bond offering with 9.5% yield, traded on Nasdaq Tallinn. The bonds target investors in the Baltics and are used for project development and refinancing.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Hepsor develops and sells residential apartments and commercial real estate properties in Estonia and Latvia, with a focus on energy class A sustainable construction. The company operates multi-phase mixed-use development quarters, including the flagship Manufaktuuri Quarter (transforming the former Baltic Cotton Factory site into approximately 1,100 homes) and the Paevälja Quarter (~470 planned homes), alongside individual residential buildings and commercial properties such as the Grüne Maja green office building.

Product overview

Hepsor is a residential and commercial real estate developer operating primarily in Estonia and Latvia (with recent expansion to Canada). The company operates as a project-based developer rather than a unified platform product. Its portfolio consists of distinct named development projects: the flagship Manufaktuuri Quarter (multi-phase mixed-use redevelopment of a former factory in Tallinn including Manufaktuuri 7, Manufaktuuri 12, and Manufaktuuri Vabrik sub-projects), the Paevälja Quarter (former airfield residential development in Lasnamäe), commercial properties including the green office Grüne Maja and P113 Tervisemaja, Latvian projects including StokOfiss 34 and 360° Dzelzavas Residences, and completed residential projects such as Lilleküla Kodud. The company follows a 'green thinking' sustainability philosophy with energy-efficient construction and A/BREEAM certifications.

Differentiator

Problem solved

Functional benefit

Brands

• Manufaktuuri kvartal: Mixed-use residential and commercial development quarter in Põhja-Tallinn, Estonia, transforming the former Baltic Cotton Factory site.
• Paevälja quarter
• StokOfiss
• Grüne

Products and services

• Manufaktuuri 7 Completed residential complex in Manufaktuuri Quarter, Tallinn, comprising 150 apartments across two buildings with 452 m² of commercial space. Features green brick facades, integrated apple orchards, and energy class A certification.
• Manufaktuuri 12 Residential building under construction in Manufaktuuri Quarter, Tallinn, with homes scheduled for completion in 2026.
• Manufaktuuri Vabrik Historic factory building redevelopment in Manufaktuuri Quarter, Tallinn, featuring residential units with high ceilings and mezzanine possibilities. Part 1 completion planned for 2027, Part 2 for 2028, and Part 3 by 2030.
• Paevälja Quarter Large-scale residential quarter on former airfield in Lasnamäe, Tallinn. Planned for approximately 470 homes and 4,200 m² of leasable commercial space across multiple phases.
• Paevälja 7 Apartment Buildings Two apartment buildings with 70 apartments at Paevälja Quarter in Tallinn. Construction contract value of €10.2 million excluding VAT. Scheduled for completion in H2 2027.
• Ojakalda Kodud Residential development in Õismäe district of Tallinn offering apartments for sale.
• P113 Tervisemaja Health-themed commercial building in Tallinn city centre available for lease.
• Grüne Maja A+ energy class green office building at Meistri 14 in Tallinn, featuring climbing plant-covered facades, geothermal heating/cooling, smart sensors, and rainwater collection. 4,600 m² across four floors.
• 360° Dzelzavas Residences 13-storey residential building in Purvciems, Riga with 103 apartments and amenities. Total investment approximately €15 million.
• StokOfiss 34 Multi-use office, retail, and warehouse development in Riga with A energy class and BREEAM certification. €9 million loan from Bigbank AS. Completed Q3 2025.

Quantifiable outcome

• Energy Class A rating across all new developments
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Mitt & Perlebach OÜcoreImplementation/ SI/ Consulting Partner · 4 June 2026Construction company partner for Paevälja 7 project in Tallinn. Contract value €10.2 million (excluding VAT) for construction of two apartment buildings with 70 apartments across approximately 4,650 sqm. Also builder of Manufaktuuri 7 and other projects.
• Tolaram Group (AS Phoenix Land)coreStrategic or Co-development Partner · 19 December 2025Continuing cooperation on Manufaktuuri quarter development in Tallinn. The joint venture involves residential and commercial real estate development, including a potential 60-storey high-rise building. Total project expected to deliver approximately 1,100 homes and commercial premises.
• EfTEN Special Opportunities FundcoreStrategic or Co-development Partner · 21 July 2025Joint venture partnership through Hepsor SOF OÜ for residential development projects. The partnership has acquired multiple properties in Lasnamäe for development of approximately 300 new homes in phases. EfTEN provides financing while Hepsor handles development and project management.
• Molumba ArchitectsminorStrategic or Co-development PartnerArchitecture firm responsible for design of Manufaktuuri 7 buildings and other Hepsor projects. Creates architectural concepts for residential and commercial developments.
• LUMIA Architecture BureauminorStrategic or Co-development PartnerWon architectural competition for Paevälja quarter phases 3 and 4 design. Selected to create future phases of the residential quarter development.
• LÄVI Interior ArchitectsminorStrategic or Co-development PartnerInterior design firm for Manufaktuuri 7 project, creating interior architecture solutions that reflect the quarter's historic character.
• Kadarik Tüür ArhitektidminorStrategic or Co-development PartnerLandscape architecture firm for Manufaktuuri 7 project, designing courtyards and green spaces with inspiration from industrial heritage and Victorian garden culture.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Merko Ehitus: Estonian construction and real estate developer listed on Nasdaq Tallinn, developing residential and commercial properties in Estonia, Latvia, Lithuania and Norway. Closest like-for-like competitor by geography, scale and product mix.
• Bonava: Swedish-listed residential developer with active operations across the Baltic states (Estonia, Latvia, Lithuania) as well as Nordics and Germany. Closely comparable project-based multi-family developer model with similar sustainability emphasis.
• Dom Development: Polish-listed residential developer focused on multi-family for-sale housing in Warsaw and other major Polish cities. Comparable scale and project-developer model targeting urban residential buyers.
• Selvaag Bolig: Norwegian-listed residential property developer focused on urban multi-family housing with an active sustainability and energy-efficiency agenda. Comparable developer-led, energy-class-focused residential model.
• Nordecon: Estonian-listed construction group active in buildings and infrastructure in Estonia, with significant residential and commercial real estate development. Comparable Estonian-centric exposure and project-developer model.
• UBM Development AG: Austrian-listed real estate developer specialising in urban mixed-use and residential projects, with a strong sustainability and timber/green-building positioning. Comparable mixed-use quarter strategy and ESG-focused buyer positioning.

Broad incumbents

• YIT: Finnish-listed construction and real estate developer with established Baltic operations including housing and commercial projects. Larger and more diversified than Hepsor, but directly overlapping in Tallinn/Riga residential and mixed-use segments.

Regional players

• Kapitel: Estonian real estate company focused on commercial property investment and development in Tallinn. Overlaps with Hepsor on the commercial property side, particularly in the Tallinn CBD area.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/hepsor
• LinkedInlinkedin.com/company/hepsor
• Instagraminstagram.com/hepsorkinnisvara

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hepsor