New Hanza Capital, AS Closed the Year Demonstrating Good Performance with Profits Amounting to EUR 4.2 million

New Hanza Capital, AS (the Company) closed 2019 with good results. The Company’s profit before taxes amounted to EUR 151.08 thousand, while the group’s profit before taxes amounted to EUR 4.20 million.

Having carried out the merge with the companies of Pillar Group at the end of the year, the number of investment properties in the group’s portfolio has tripled in Q4 2019, growing up to 30 properties of total market value of EUR 100.21 million.

“That was a challenging year, but we managed to demonstrate not only good results, but having merged with Pillar Group companies, we also made one more step in our development. Now within a group we can offer a full cycle of real estate development, starting from generating an idea, drafting a business plan and attracting financing, and up to project design, management of the construction cycle, property management, attraction of tenants and sale of properties”, says Edgars Miļūns, Chairman of the Board of New Hanza Capital.

Group’s financial results of 2019 are as follows:

  • revenue in twelve months of 2019 amounted to EUR 6.2 million;
  • modified EBITDA* as on 31 December 2019 amounted to EUR 1.1 million (*earnings before interest, taxes, depreciation and amortisation, investment property revaluation results);
  • gross assets in comparison to the end of 2018 have grown by 250% amounting to EUR 196.1 million.

New Hanza Capital, AS 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. The company’s real estate portfolio includes office building at 23 Elizabetes Street, office buildings at VEF neighbourhood, airBaltic central office at Riga International Airport, logistics centres in Riga and Ķekava Region, culture and entertainment building Hanzas Perons and other properties at New Hanza territory. The total leasable area of the premises amounts to 80 000 m2.