Latvia, Real Estate

International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 11:52

New Hanza Capital to be renamed to Pillar Capital

BC, Riga, 08.07.2020.Print version
New Hanza Capital, the commercial property arm of Latvia's ABLV Bank, which is currently in the process of liquidation, will be renamed to Pillar Capital, according to a report to Nasdaq Riga about the decisions taken by the company's shareholders.

Explaining the reasons for the name change, the company said that it was based on the need to promote the recognition of the group of the company and their projects, their positioning on the market, as well as to add more sense of belonging to the group for the company, at the same time retaining the emphasis on the specification of the company’s operation.

 

The name-change does not affect the bondholders of the Company and the fulfillment of the obligations arising from the bonds, the company said.


At their meeting on July 3, the shareholders also approved the annual reports of the group and New Hanza Capital. They also decided to to keep the profit of 2019 undistributed.


New Hanza Capital is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties.

At  the end of 2019, New Hanza Capital joined Pillar Group.


New Hanza Capital generated EUR 151,083 in unaudited 2019 profit, which is 33 times less than a year before, while New Hanza Capital Group closed 2019 with EUR 4.204 mln in profit, which is 2.5 times more than in 2018.


The beneficial owners in the company are ABLV Bank's shareholders Ernests Bernis and Olegs Fils.


New Hanza Capital bonds are listed on Nasdaq Riga Bond List. 






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