Hepsor Latvia OÜ, a subsidiary of Hepsor AS, acquires a 100% holding in the Latvian company Starta 17 SIA (registry code 40203117159). Starta 17 SIA owns a property at Starta iela 17 in Riga. Three 14-storey apartment buildings with a total of 250 apartments and a net area of 14,500 m2 are planned to be built on the site. Phased construction is scheduled to start at the end of 2026.
The total transaction price is EUR 1.25 million. For the realisation of the transaction, EUR 800,000 will be raised from partners, who will acquire a minority holding of 20% in Starta 17 SIA.
The total investment in the development project is close to EUR 40 million, making it Hepsor’s largest development in the Latvian real estate market.
According to Martti Krass, the Country Manager at Hepsor Latvia: ‘With our investment in Starta 17, we reaffirm our belief in the strength of the Riga real estate market – primary market real estate transaction activity in Riga has increased by more than 25% year-on-year and we expect the positive trend to continue. The homes to be built as part of the planned development will be located in Teika – an area that has seen a boom in new residential and commercial buildings in recent years. This has created strong demand for new housing, making Teika one of Riga’s most attractive areas for new developments.’
Hepsor has developed around 400 apartments in Latvia, 95% of which have been sold. A further 514 apartments will be completed in the coming years.
