Acquisition of shares in entities related to Paeka
Post# of 301275
Tallinn, Estonia, 2017-08-01 16:00 CEST (GLOBE NEWSWIRE) --
On 31 th July 2017, AS Merko Ehitus entered into an agreement with Nordecon AS to acquire 50% shareholding and loan receivable in joint venture Unigate OÜ and 100% stakes in entities Paekalda 2 OÜ, Paekalda 3 OÜ, Paekalda 7 OÜ and Paekalda 9 OÜ.
The acquisition cost is approximately 4.5 million euros. The parties have agreed not to disclose the other conditions of the transaction. The completion of the transaction depends on the payment of transaction price latest by 4 th August 2017.
The purpose of the acquisition is to resolve the ownership of Paekalda development in Tallinn and to secure a long-term strategy for the development of apartments in Merko Ehitus group in Estonia. Real estate located on the beautiful Maarjamäe limestone cliff, in the Lasnamäe district of Tallinn, is a promising development area for residential real estate. It is a long-term development is several stages where in total approximately 1,500 apartments can be built.
The transaction is not to be treated as a significant acquisition for the purposes of the “Requirements for Issuers” section of the NASDAQ Tallinn Stock Market rules. AS Merko Ehitus confirms that management board and supervisory board members are not in any way personally interested in the transaction.
Additional information: AS Merko Ehitus, Chairman of the Management Board, Mr. Andres Trink, tel. +372 650 1250.
Merit Kullasepp Communication and Marketing Manager AS Merko Ehitus Phone: +372 650 1250 E-mail: merit.kullasepp@merko.ee
AS Merko Ehitus ( group.merko.ee ) group consists of Estonia’s leading construction company AS Merko Ehitus Eesti, the Latvian-market-oriented SIA Merks, UAB Merko Statyba that is operating on the Lithuanian market, construction company Peritus Entreprenør AS in Norway and the real estate development business unit along with real estate holding companies. As at the end of 2016, the group employed 797 people and the company’s 2016 revenue was EUR 252 million.
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