Blog

June 2025 / Devon operations overview

In June, MJL Enterprises advanced ongoing projects and expanded its portfolio with the addition of a new project, Barona 92. Construction activities continued across several sites, including Amber Park, Duntes Park, and Mežaparka Nams (now Meira Garden). Progress was also made in financing, design development, and sales preparation.

MJL Group incentives

• ReBalt Modular Systems (an MJL Enterprises affiliate) has published its 2024 Annual Report, highlighting strong growth in both revenue and profitability. Net revenue rose by 14% compared to 2023, while net profit surged by 409%, reflecting major gains in operational efficiency.
• Ropex Building and Construction, a member of MJL Enterprises, has completed its 2024 Annual Audit. The results reflect strong performance and, importantly, the preparatory groundwork laid in 2024 to support ambitious targets for 2025. With a solid pipeline of secured projects and expanded operational capacity, the company is on track to exceed €10 million in net revenue and €2.5 million in net profit in 2025.
• ReBalt Modular Systems has also secured €570,000 in financing from Swedbank (one of the leading banks in the Baltics) to expand production capacity. The funding will support operational capital needs and fast-track the company’s rental housing project in Jelgava, Latvia.

Funding and platform highlights

• In June, funding volume at Devon reached €521,734, bringing the total volume to €2,533,620.
• 82 new active lenders have joined the platform, increasing the total number of active lenders to 397. Most lenders are based in Germany, followed by Switzerland, Austria, and Spain.
• The average interest rate has increased to an impressive 16.36% (interest rate, daily compounding option, and cashback effect).
• Interest earned by lenders in the previous month was €44,689, totalling €141,921.
• The average funding amount increased to €6,370 per lender.

Devon Project Statuses

In June, MJL Enterprises continued progress on existing projects and added a new project to the Devon portfolio - Barona 92.

Below is a brief overview of the key accomplishments during the month.

Amber Park

• Façade works are ongoing and expected to finish by mid-July, slightly delayed due to rain. Paving for parking and walkways is complete, with landscaping to begin once façade painting is done.
• Perimeter fencing is installed, and entrance gates will follow by mid-July. Interior finishing is on schedule - completed in 3 of 6 stairwells - with full completion expected by end of August.
• We’ve partnered with Reaton, a leading Latvian supplier, to provide interior finishes and bathroom fittings for the apartments.
• Sales are progressing, with the first reservation signed and financing agreements confirmed with Luminor Bank. The project will be featured on Luminor’s website in the coming weeks, supporting further sales.
• We’re targeting commissioning and first sales transactions in August.

Duntes Park / Stage 1

• We are continuing to make progress in the project’s design phase. A contract has been signed with the architectural firm Arhiteze (https://arhiteze.lv), and initial payments have been made in accordance with the agreed schedule.
• The architects have presented the first concepts for the project's technical solutions, along with a preliminary visual identity. Work is ongoing to further develop and coordinate the detailed design elements.
• Submission of the conceptual design to the Riga Construction Board is planned for July.

Mežaparka Nams

Situated in Mežaparks, Riga’s most prestigious district, this project features two 3-story buildings totalling 2,743 m² and offering 42 apartments.

• In June, the ownership rights to the land were officially registered in the Land Register under SIA Mores 28. As well, the building permit has been successfully re-registered in the name of SIA Mores 28.
• A share purchase agreement and escrow agreement have been signed with a sworn notary, outlining the payment procedure for the acquisition of SIA Mores 28. The purchase price has already been deposited with the notary. The transaction is expected to be completed by mid-July. At this point, SIA Ventspils Īres Nami (a company 100% owned by MJL Enterprises) will become the sole shareholder of SIA Mores 28.
• The project has undergone a complete rebranding — from Mežaparka Nams to Meira Garden. We will introduce you to the rebranding process, its reasons, and the new identity in the near future.
• Work is also ongoing to align the project with modular construction technology.
• The project’s visual identity has been redesigned, including adaptations to meet the specific requirements of modular construction.

Barona 92, Riga

The project involves the acquisition and renovation of a 234.6 m² apartment located at Barona Street 92 in Riga, Latvia.

In June, a preliminary purchase agreement was signed, and a deposit was paid to the seller. The final purchase agreement is expected to be signed in July. Renovation work has been prepared and will begin immediately after the contract is finalised.

Villa Astor

Located in the Melluži district of Jūrmala, just a few minutes' drive from Amber Park, Villa Astor features two modern three-story buildings with 24 thoughtfully designed three-room (two-bedroom) apartments, each equipped with a spacious terrace.

In June, Devon Lenders funded 90% of the total amount needed for the purchase of a single apartment intended for rental purposes. The investment is secured by senior loan rights and offers an attractive annual interest rate of 9%.

July is primarily filled with activity in the construction sector, with significant progress underway across MJL Enterprise projects. We will share updates in next month’s report.