Shareholders of Hepsor P26B OÜ, a subsidiary of property development company
Hepsor AS, approved the company's notarized division plan on 7 December 2021.
Hepsor AS holds 51% of Hepsor P26B OÜ, a company established for development of
Lauluväljaku Lilleaia project. The project included three buildings with 99
apartments and was developed in two phases. All 99 apartments of the development
that was competed in 2021 have been sold.
Hepsor P26B OÜ has achieved its operational objectives by completing the
construction of Lauluväljaku Lilleaed project and was divided in accordance with
the shareholders' agreement signed in 2019. Upon division Hepsor P26B shall
transfer the assets in the amount of 2.1 million euros to six acquiring
companies. Hepsor AS will acquire 100% of Hepsor P26B OÜ post division. The
division will reduce consolidated comprehensive income of financial year 2021 by
1.8 million euros. The division is tax neutral.
The transaction should not be considered a transfer or acquisition of qualifying
holding and a transaction with related party within the meaning of the
"Requirements for Issuers" regulation of NASDAQ Tallinn Stock Exchange.
Anneli Simm
Head of Investor Relations
Phone: +372 5615 7170
e-mail: anneli@hepsor.ee
Hepsor AS (www.hepsor (http://www.hepsor).ee) is one of the fastest growing
residential and commercial real estate developers in Estonia and Latvia. Over
the last ten years Hepsor has developed more than 1,300 apartments and 15,000 m2
of commercial area. Hepsor has been the first real estate developer in the
Baltic States to implement a number of innovative engineering solutions that
make the buildings we construct more energy-efficient and thus more
environmentally friendly. The company's portfolio is comprised of 26 development
projects with a total rentable and sellable area of approximately 186,000 m(2).
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