Blog

Operations overview / August

August was an important month for Devon, with progress across both the platform’s regulatory foundation and its underlying development portfolio. A key milestone was the publication of the KPMG Germany legal opinion, providing further clarity on Devon’s loan structure and its treatment under German regulatory requirements.

At the project level, White Amber reached an important milestone with the receipt of its building permit, bringing the Jūrmala residential development closer to construction. At the same time, a new funding opportunity was launched for Biķernieku 13A Round 3, giving lenders access to another residential development opportunity in Riga’s Teika district.

Funding & Platform Highlights

August by the Numbers

• €215,345 funded during August
• €12,625,653 total funding attracted through the platform
• 18 new active lenders joined the Devon community
• 1,453 active lenders in total
• 15.23% average interest rate
• €148,203 interest earned by lenders during August
• €1,910,793 total interest earned since launch
• €300,000 in mezzanine loans issued during August

Devon project statuses

• Amber Park - Sales update: 8 apartments sold, three apartments have been offered for rent, three reservations are currently in progress, five apartments are still available.

Sales velocity is stable, with premium‑unit interest increasing.

• Amber Park Rental No. 12 - Has been rented out and performing as expected.
• Barona 92 - Sales process is ongoing, yet to be concluded.
• Bikernieku 13A — Already purchased by the MJL Group. The project is currently in the planning phase, where we are considering making additional adjustments that could potentially improve the overall business case of this project.
• Brivibas 249A — we are in the process of negotiating with the seller, where there are some outstanding items to be resolved before closing this transaction.
• Terra Dunte (formerly Dunte Park) Stage 1 - The construction permit has been received and the project design is progressing. Currently MJL Group has active discussions with potential senior debt providers. The project website is live and we are starting to accept apartment reservations.
• Juglasciems Village Stage 1 - MJL Group is progressing to receive building permits for water & sewage systems, electricity (already received) and overall project building permit.
• Meira Garden (formerly Mezaparka Nams) - We just concluded the second part of the building. We are receiving strong interest (>10) for apartments and many are awaiting completion of the demo apartment. Currently 16 apartments are paid reservations.
• Terbata Lofts - Project design works are progressing and will be split in several phases, at the same time we are progressing with apartment layouts. The website is underway with reservations soon to be available.
• White Amber - The building permit has been received. Project design and visualisations are in progress. In parallel, the website is being developed, and the reservation process will begin soon.