Subsidiary of Hepsor AS finalized
The name of the subsidiary of Hepsor AS is corrected as indicated in bold in the following paragraph.
Hepsor Ganibu Dambis SIAsubsidiary of Hepsor AS, signed a real rights contract and acquired land of 30,624 m2 at Ganibu Dambis 17A, city of Riga on June 13, 2022. The contract under the law of obligations was signed on December 28, 2021. The property has 13 buildings of different commercial functionality and about 70% of its total area of 11,564 m2 subject to lease agreements. The price of the transaction is 3.6 million euros.
Henri Laks, Board Member of Hepsor AS, said: “This investment supports our growth strategy and adds a network of 20,500 m² of new commercial space in the city of Riga. The new space will be developed according to our green approach. We plan to build a business complex with many opportunities, including stock-office type buildings, but also offices, warehouses and commercial spaces. Existing buildings are mostly covered by rental contracts, which allows us to choose the best time to start the first phase of construction in today’s changing market situation. The total volume of the project is about 25,000 m2the first part of which is expected to be completed in 2024. Completion of the entire project is expected in 2025.“
Hepsor has four commercial and seven residential development projects in Latvia. The Balozu 9 residential development project of 18 apartments was completed in the first quarter of 2022. A real right contract was signed for 17 apartments. The storage office at Ulbrokas 30, Riga is expected to be completed in the third quarter of 2022. The 3,645 m² storage office is fully covered by rental contracts. In the second quarter of 2023, the construction of the Kuldigas Parks project of two residential properties for 116 apartments in Riga, which started in the fourth quarter of 2021, will be completed (a total of 45 contracts under the law of obligations and reservation agreements have been signed). In the second quarter of 2022, the construction of the Marupes Darzs development project of two residential properties for 92 apartments of energy efficiency class A was started (a total of 43 contracts under the law of obligations and reservation agreements were signed ).
Head of Investor Relations
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Hepsor AS (www.hepsor.ee/en/) is one of the fastest growing residential and commercial property developers in Estonia and Latvia. Over the past eleven years, Hepsor has developed more than 1,400 homes and 23,000 m2 of commercial space. Hepsor was the first property developer in the Baltic States to implement a number of innovative engineering solutions that make the buildings we construct more energy efficient and therefore more environmentally friendly. The company’s portfolio consists of 25 development projects with a total salable area of 176,000 m2.