Hepsor Latvia OÜ, a subsidiary of Hepsor AS, acquires Latvian company Starta 17 SIA

Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada, with a total of 2,076 homes and nearly 36,300 m² of commercial space created over fourteen years [4] - The company has a portfolio of 25 development projects totaling 172,800 m², and is recognized for implementing innovative engineering solutions for energy efficiency [4] Recent Acquisition - Hepsor Latvia OÜ, a subsidiary of Hepsor AS, has acquired a 100% holding in Starta 17 SIA, which owns a property at Starta iela 17 in Riga [1] - The total transaction price for the acquisition is EUR 1.25 million, with EUR 800,000 raised from partners for a 20% minority holding in Starta 17 SIA [2] Development Project Details - The planned development includes three 14-storey apartment buildings with a total of 250 apartments and a net area of 14,500 m², with phased construction set to begin at the end of 2026 [1] - The total investment in the development project is approximately EUR 40 million, marking it as Hepsor's largest development in the Latvian real estate market [2] Market Insights - The Country Manager at Hepsor Latvia, Martti Krass, highlighted a more than 25% year-on-year increase in primary market real estate transaction activity in Riga, indicating a positive trend expected to continue [3] - The development will be located in Teika, an area experiencing a boom in new residential and commercial buildings, leading to strong demand for new housing [3] - Hepsor has previously developed around 400 apartments in Latvia, with 95% sold, and an additional 514 apartments expected to be completed in the coming years [3]