News

In this overview, we highlight the key developments of the third quarter of 2025 in United Partners’ main investment areas – residential and commercial real estate, as well as private equity investment segments.

Residential real estate

We are currently preparing three new development projects, all of which are currently undergoing active zoning and planning procedures. The total number of residential units across these projects is 36.

We have also recently acquired a new property in Harku municipality, Tabasalu, with the aim of developing an apartment building.

Commercial real estate

Trade and logistics

The existing logistics portfolio continued to generate stable rental income. We are currently seeking a tenant to occupy 10,000 m2 of ambient warehouse space in Olaine LC.

To further increase portfolio value, we are moving ahead with the expansion of Taevavärava LC, where the design and planning of additional 6,000 m2 of warehouse space is in progress.

In addition, the design and planning process is ongoing for an office building at Karamelli 2a in Tallinn, featuring 12 floors and a gross floor area of 5,400 m2. We are also advancing work on a new investment opportunity located in central Tallinn.

Social infrastructure

The social infrastructure portfolio of three elderly care homes also continued to deliver stable rental income. We are actively exploring new investment opportunities and raising capital to support the continued growth of this segment.

Private equity investments

Equity United

The private equity fund Equity United PE1 was fully invested as of 31 December 2023, and active work with eight portfolio companies continued throughout the third quarter of 2025.

In the renewable energy segment, portfolio companies PE Holding and 9 Sparnai operated six solar parks in Estonia and two wind parks in Lithuania in their usual rhythm. Total production increased by 6.5% year-on-year, reaching approximately 45,000 MWh. Development work also continues on a hybrid park in Estonia, comprising 26.1 MW of solar capacity and 16 MW of wind capacity.

Smartecon, a provider of solar energy solutions, continued to work on projects across the Baltics. In addition to its core activities, the company is developing maintenance services vertical, including ongoing partnership negotiations along with multiple active discussions and proposals with potential clients.

Tactical Solution, specializing in freeze-dried food production, remains on a record-breaking sales trajectory as of the end of the third quarter. The company has become a key supply partner for several armed forces. The outdoor sector is also showing signs of recovery, with Tactical establishing partnerships with several market-leading retailers. Another portfolio company in the food industry, Saaremaa Delifood, continued to launch new campaigns during the third quarter and secured new export orders, including from Poland and the Netherlands.

Ceranos Invest OÜ, engaged in the production of boats and kayaks, has shown rapid growth in its nine-month results. Boat models introduced last year have gained notable recognition, evidenced by a threefold increase in sales volumes compared to the previous full year. The company is actively working on improving production efficiency and expanding its sales and distribution channels.

Stay Larsen, one of Estonia’s largest accommodation companies, opened its fifth property in the third quarter. Located next to the Tallinn Zoo, it is the city’s most modern studio-style hostel, designed particularly for startup employees who require temporary housing in the capital. The four-storey building includes 132 studio-style units, and the total investment amounted to 10 million euros.

Billo.app, the platform producing short-form video advertisements, launched new creator-focused services in the third quarter, receiving positive feedback. Efforts made over the year to improve cost efficiency have paid off – an optimized team and redesigned business processes enable the company to bring new services to market more quickly, including data-driven recommendations, AI tools and service packages for content creators.

Nordic Vehicles Group

In the third quarter of 2025, Nordic Vehicles Group (NVG) recorded revenue of €33.4 million (Q3 2024: €34.7m) and an operating profit of €667k (Q3 2024: €385k). Revenue for the first nine months of 2025 amounted to €103m (9m 2024: €100m), with an operating profit of €2.4m (9m 2024: €1.64m). Compared to last year, both light vehicle and heavy machinery sales performed solidly despite challenging market conditions in certain product categories.

In the first week of September, we opened Intrac’s new branch office in Pärnu at Savi 13a. This allows us to offer customers faster service, shorter waiting times and improved spare parts availability. Continuing with the renewal of our branch network, we also took the first step in developing Intrac’s new central facility in Lithuania, with completion targeted for early 2027.