Estonia, EU – Baltic States, Financial Services, Real Estate

After decreasing its share capital, Kawe's share capital totals 7.7 mln euros, the real estate developer told its creditors and the public. The company will cancel 93,897 shares with a nominal value of 63.9 euros per share and the sum will be paid to the only shareholder, Garda AS, which belong to Norwegian investors.  

Kawe owns a number of office buildings, including Kawe Plaza in central Tallinn, the Baltika quarter in the Veerenni district and the ISKU office building in the Tondi district of Tallinn. The company's portfolio also includes industrial real estate, such as the Baltika production hall and logistics center, as well as the timber sales and distribution terminal Puumerkki.

The real estate company's net profit in 2017 was 10.6 mln euros and the revenue 13.5 mln euros, whereas a year earlier the figures were 5.8 mln euros and 11.3 mln euros, respectively, it is written in Kawe's annual report for 2017. The company's assets totaled 155.1 mln euros last year.

The company said in its report at the end of last year that in 2018, Kawe intends to continue preparing several office building developments in its portfolio and at the same time intends to actively purchase new buildings. "We plan to start construction of a new office building, for which the contract with the tenant has been signed," it says in the report. 

Kawe is owned by a company registered in Norway, Garda AS, which in turn belongs in three equal parts to Norwegian investors Bernhd. Brekke AS, Ivar Koteng and Jenssen & Co AS, it is written on the company's website. Thus, each of the enterprises will be paid 2 mln euros.

Bernhard Brekke AS is registered in Trondheim and the family enterprise was founded in 1880. Currently, the main activities of the group are industrial real estate and investments. The company is owned by Trond B. Brekke, who is also Estonia's honorary consul in Trondheim.

Ivar Koteng is also registered in Trondheim. The main activity of the enterprise is investments in real estate. The company owns more than 212,000 square meters of real estate. Some investments have been made into the industrial sector.

The third company, Jenssen & Co AS is also registered in Trondheim. The family enterprise was founded in 1780 and is currently run by Anton Jenssen, who represents the 7th generation of the family.

The company's largest undertaking is SPIS Grilstad AS, which is the biggest private meat producer in Norway, it appears from Kawe's website. Jenssen & Co owns 65% of its shares. The company's second biggest operation is investment into real estate.

AS Kawe is a holding company which owns AS Kawe Plaza -- which in turn owns OU Kawe Club -- OU Toompuiestee Buroohoone, AS Aeteci Kinnisvara, OU Tatari Arimaja, OU Kawe Tower, OU Aquabene, OU Duarte Group, OU Kawe Puit, OU Kawe Logistika, OU Kawe Arikeskus, OU Kawe Kodu and OU Kawe Invest.