Subject to an option agreement signed in 2021 Hepsor Latvia OÜ exercised an option to acquire 50% of Kvarta Holding OÜ. Kvarta Holding OÜ owns 100% of Kvarta SIA, which is developing a 116-apartment residential property at Gregora 2a, Riga.
According to Henri Laks, member of the Management Board of Hepsor AS, the transaction took place in accordance to the agreement and the Group had considered exercising the option in earlier published forecasts.
The construction of two residential properties for 116 apartments started at Gregora 2a, Riga in the third quarter 2021. As at 31 December 2021, a total of 20 apartments were sold under law of obligations. The expected completion of project is in 2023.