On April 17, 2025, Viktors Valainis, the Minister of Economics of the Republic of Latvia, visited Tukums Municipality as part of a regional tour.
During this visit, Rebalt Modular Systems, an affiliated company of MJL Enterprise Group that specialises in producing wooden modular buildings, hosted Minister Valainis at its manufacturing facility in Tukums (Latvia).
The Minister's visit was related to the fact that MJL Enterprises, including Rebalt Modular Systems, is implementing a large-scale construction project in Jelgava, Latvia - a low-rent housing project consisting of two five-story apartment buildings, which is being carried out under the initiative and supervision of the European Commission. During the visit, the Minister aimed to take a closer look at and familiarise himself with the innovative and environmentally friendly technology used in multi-story building construction.
“We sincerely thank the Minister for his positive evaluation of our work and the meaningful discussion. There was full consensus on the significant added value and promising future of this modular construction technology,” said Ēvalds Zunda, CEO of Rebalt Modular Systems and member of Devon management team, reflecting on the meeting.
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.
As summer unfolds, Devon is launching a special cashback campaign to offer our lenders additional value, right when it’s most appreciated.
Please note that due to the Midsummer holidays, our team will be operating with limited support and will pause payment processing on June 23–24.
The Latvian company ReBalt Modular Systems, specialising in timber modular construction for private homes and apartment buildings, has received €570,000 in financing from Swedbank. The funding is intended to support working capital and accelerate the progress of the company’s rental housing project in Jelgava.
May marked the first full month of operations for Devon, the MJL Enterprises funding platform, and we’re pleased to report strong results and promising growth across our projects and lender base.
We’re excited to announce that the modular units for the first building in our Jelgava project have been successfully assembled. This marks a significant milestone, as we are proud to be the first in Latvia to build a five-storey wooden modular building — a true innovation in construction.
We’re excited to announce that our Early Bird Cashback campaign has been extended and will continue running until June 30, 2025.
Devon is proud to share its first results three weeks after launching operations. In just 20+ days, 260 active lenders have joined Devon - a strong signal of interest and trust in our model. Our community has already funded €1,350,000 in real estate projects owned and managed 100% by MJL Enterprises Group.
The first two weeks of Devon’s launch have shown strong interest from the real estate lending community, with over 400 lenders registering on the platform. In response to this growing engagement, we’ve launched a Telegram chat dedicated to fast, open, and direct communication with our lenders.
Nowadays, there are many ways for individuals and companies to allocate their funds and thus make a profit. For many of us, real estate remains one of the most reliable asset classes. A new platform has been launched - Devon - which is part of MJL Enterprises Group, a real estate developer with roots dating back to 1993.
We are truly proud and delighted to share that our project Villa Astor, located at Pumpuru iela 3A in Jūrmala and developed by MJL Development, has been highly recognized at the Latvian Construction Annual Award (Latvijas Būvniecības Gada balva).
Construction of rental apartment buildings continues actively at 54 Ganību Street, Jelgava. Currently, modular structure assembly is underway for the second half of the first building, along with the construction of the staircase and installation of internal engineering communications.
A time capsule was sealed into a new modular apartment building in Jelgava — part of a first-of-its-kind project in Latvia. Watch the video about this milestone event