Subsidiary of Hepsor AS to acquire a commercial property development project in LatviaBack
Hepsor Latvia OÜ, a subsidiary of Hepsor AS, signed a sales-purchase agreement on 28 December 2021 to acquire a property of 30,624 m2 in Ganibu Dambis 17A, City of Riga. The property has a total of 13 buildings with different commercial functionality and all 11,564 m2 of leasable area are covered by lease agreements. The price of the transaction is not subject to disclosure as agreed by the parties.
Henri Laks, Member of the Management Board of Hepsor AS, said: “Expanding operations in the Latvian real estate market is part of our growth strategy and it is no coincidence that the second transaction concluded in December also comes from Latvia. The aim of current transaction is to build a business complex with extensive opportunities including offices, warehouses and retail space. The total volume of the project is approximately 25,000 m2, the first part of which should be completed in 2024. The completion of the whole project is expected in 2025. “
Hepsor has now two commercial development projects and three residential and commercial development projects under construction in Latvia. The completion of Balozu 9 residential development project is expected in the first half of 2022. All 18 apartment have already been sold. In the third quarter of 2021 the construction of two residential properties for 116 apartments started at Kuldigas 45, Riga. In addition, the construction of stock-office at Ulbrokas 30, Riga started in the second half of 2021 with expected completion in the fourth quarter 2022. Out of 3,645 sqm 72% of leasable area is covered with lease agreements. On December 15, Hepsor Latvia OÜ purchased a property of 14,861 m2 at Braila 23, Riga. The zoning allows construction of up to 100 apartments. The expected completion of the project is in 2024.
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