Hepsor A1 OÜ, a subsidiary of Hepsor AS, acquired two properties at Alvari 1a
and Alvari 5, Tallinn on 2 August 2022. The acquired properties will be an
addition to Hepsor's existing development area (Narva Road 150, 150a, 150b,
Alvari 1, Lageloo 7, Paevälja avenue 5, 7, 9 and 11). Based on the undertaken
planning proceedings, a commercial and residential building for a maximum of 45
apartments can be built on the property with approximate sellable area of 2,370
m2.
Henri Laks, member of the Management Board of Hepsor AS, said: ?The added
properties complement the already existing development area, enabling the
developer to offer future homeowners a complete and environmentally conscious
living environment. In the development area, the first phase of Paevälja
Hoovimajad construction with 48 apartments will be completed already this year,
and the second phase with 48 apartments in the first quarter of 2023. In total,
we plan to build approximately 450 new homes and 3,500 m(2) of commercial space
on the developed area. Development in phases allows us to apply our green
thinking concept to both commercial premises and apartments."
Additional information:
The construction of Paevälja Hoovimajad development project started in the
fourth quarter of 2021. There are a total of 96 apartments raging from 42.7 m²
to 80.9 m² in area in two 8-floor B energy efficiency class buildings. To date,
78 apartments have been sold in the development project under the law of
obligations contract and booking contracts.
More information about Paevälja Hoovimajad development project can be found at
https://hepsor.ee/paevalja/en/.
Anneli Simm
Head of Investor Relations
Phone: +372 5615 7170
e-mail: anneli@hepsor.ee
Hepsor AS (www.hepsor.ee/en/ (http://www.hepsor.ee/en/)) 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
23,000 m(2) 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 25 development
projects with a total sellable space of 176,000 m(2).
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