Subsidiary of Hepsor AS to acquire a commercial property
On December 28, 2021, Hepsor Latvia OÜ, a subsidiary of Hepsor AS, signed a contractual contract for the acquisition of a plot of land of 30,624 m2 in Ganibu Dambis 17A, city of Riga. The property has 13 buildings with different commercial functions and around 70% of the total area of 11,564 m2 is let. The price of the transaction is not subject to the disclosure agreed between the parties.
Henri Laks, Member of the Management Board of Hepsor AS, said: “The expansion of activities in the Latvian real estate market is part of our growth strategy and it is no coincidence that the second transaction closed in December also comes from Latvia. The aim of the current transaction is to build a business complex with extensive options such as offices, warehouses and retail space. The total volume of the project is around 25,000 m2, with the first part to be completed in 2024. The completion of the entire project is expected in 2025. “
Hepsor now has three commercial and eight residential projects in Latvia, two residential projects have been completed and three residential and commercial projects are still under construction.
The completion of the residential development project Balozu 9 is expected in the first half of 2022. A contract under the law of obligations was signed for all 18 apartments. The completion of the stock office in Ulbrokas 30, Riga, is expected to take place in the third quarter of 2022. Of the 3,645 m², 72% of the rentable area is covered by rental agreements. The construction of two residential properties for 116 apartments in Gregora iela 2a, Riga, will be completed in the second quarter of 2023.
On December 15th, Hepsor Latvia OÜ bought a development project in Braila 23, Riga. The zoning allows the construction of up to 100 apartments. The project is expected to be completed in 2024.
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Hepsor AS (www.hepsor.ee) is one of the fastest growing residential and commercial property developers in Estonia and Latvia. In the past ten years, Hepsor has developed more than 1,300 apartments and 15,000 m2 of commercial space. As the first real estate developer in the Baltic States, Hepsor has implemented a range of innovative engineering solutions that make the buildings we construct more energy-efficient and therefore more environmentally friendly. The company’s portfolio includes 24 development projects with a total salable area of 167,000 m2.