News

In this overview, we highlight the key developments of the fourth 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 preparing four development projects, all of which are currently undergoing planning procedures. The total number of residential units across the projects is 54.

In November, we acquired a new property in Harku municipality, Tabasalu, with the aim of developing an apartment building.

Commercial real estate

Trade and logistics

In the first half of 2025, we focused on strengthening the portfolio’s capital structure and developing client relationships. In cooperation with Citadele Bank, we successfully completed the refinancing of UPP Olaines OÜ bonds and the SIA Olaines Logistics bank loan, with a combined value of €25.5 million. During the same period, lease agreements were extended with two anchor tenants — MAXIMA Latvija SIA and DPD Lietuva UAB — securing stable, long-term cash flow for the portfolio.

The Taevavärava tee 2 property was leased to Wallenium OÜ, and we commenced the design of an additional 6,000 m² of warehouse space at the same location. At the Olaines logistics centre, the DPD Estonia lease was extended and we began a tenant search for 10,000 m² of vacant warehouse space.

During the year, a 2 MW solar power plant was commissioned at Olaines. The new solar park covers one third of the logistics centre’s electricity needs and is particularly valuable for the temperature-controlled areas, where energy consumption is highest during the warmer summer months.

In addition, the design and planning process for the office building at Karamelli 2a in Tallinn is ongoing. The building comprises 12 floors with a gross floor area of 5,400 m². Work is also progressing on a new investment opportunity in central Tallinn.

We see interesting and promising investment opportunities in the market. We view this positively and are actively seeking new projects to grow the portfolio.

Social infrastructure

The portfolio of three elderly care homes generated stable rental income throughout the year. We continue to map new investment opportunities and raise capital to support the segment’s continued growth.

At the end of the year, we entered into negotiations regarding an exit from the portfolio. We received an attractive offer and expect the sale to be completed in the first quarter of 2026. While we are considering the sale of the existing portfolio, we continue to find the strategy compelling and intend to remain active in the segment going forward.

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 fourth quarter of 2025.

In the renewable energy segment, portfolio companies PE Holding and 9 Sparnai operated 6 solar parks in Estonia and 2 wind parks in Lithuania. Total generation remained at a similar level to the previous year, both for the quarter and the full year. During the financial year, over 50 GWh of electricity was produced, of which 61% came from wind energy. A hybrid park in Estonia (26.1 MW solar and 16 MW wind capacity) remains in active development, and we continue to explore additional opportunities to diversify the portfolio.

Smartecon, a provider of solar energy solutions, continued working on projects across the Baltics. The share of hybrid and stand-alone storage solutions in the project portfolio has grown significantly – the company has now built over 20 MWh of storage capacity in hybrid plants.

Tactical Solution, specializing in freeze-dried food production, closed a record-breaking year in terms of sales volumes with a strong fourth quarter. The company has grown into a key supply partner for several armed forces. Tactical also ranked first in a trekking nutrition compiled by Statista, based on the opinions of over 8,500 outdoor users in Germany. The fourth quarter was equally successful for the fund’s second food industry portfolio company, Saaremaa Delifood, with results positively influenced by declining raw material prices and growing demand in export markets.

Ceranos Invest OÜ, engaged in the production of boats and kayaks, reported strong growth in both Q4 and full-year results. In the previous financial year, the company brought three innovative boat models to market, with sales volumes growing ca fourfold year-on-year. The boats are now sold in more than 40 countries, and active work is underway to improve production efficiency and expand sales and distribution channels.

Stay Larsen, one of Estonia’s largest accommodation companies, opened its fifth property in Q3 2025, bringing the total number of apartment-style accommodation units in the portfolio to over 600. By the end of Q4, the fifth property had reached an occupancy rate of over 90%, demonstrating strong demand for the Larsen concept. Development of a sixth property has been launched, with completion planned for the end of 2026.

Billo.app, which operates a platform for short-form video advertising, spent the year optimizing its product offering and business model. New services aimed at content creators have been well received by the market, and efficiency improvements carried out during the year have had a positive impact on financial results. Despite challenging conditions in the US market, the company closed the second half of 2025 profitably for the first time in its history. Work continues on integrating AI tools and data analytics into Billo’s value proposition.

Nordic Vehicles Group