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.