Hepsor AS has started the process of establishing a subsidiary in Canada. A new
entity recently founded in Estonia will hold a share in the Canadian subsidiary
of
Hepsor.
The purpose of establishing a subsidiary in Canada is to enter the local real
estate
development market. At the moment, negotiations with a potential candidate for
the executive position in the new company are in progress, and the first
employees
are being sought. Operations at the Montreal headquarters will most likely be
launched between March and April 2023. The objectives for the first nine months
are to get to know the local market, build a network of partners and identify
suitable niches for Hepsor. The first investments such as land acquisitions are
expected to
be made in the first half of 2024.
"Canada has one of the most developed economies in the world, with an
exceptionally open and supportive business climate for newcomers. The country
has a strong education system and a very good international reputation," said
Andres Pärloja, Chairman of the Supervisory Board of Hepsor. "Most importantly
for a real
estate developer, the country's population grows by nearly 500,000 people
annually, and there is a constant shortage of high-quality housing as well as
storage
and logistics facilities," Pärloja added.
Anneli Simm
Head of Investor Relations
Phone: 56157170
e-mail: anneli@hepsor.ee
Hepsor AS (www.hepsor.ee) is one of the fastest growing residential and
commercial real estate developers in Estonia and Latvia. Over the last eleven
years Hepsor has developed more than 1,400 homes and 28,000 sqm of commercial
space. 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
sellable space of 179,000 sqm.
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