Riga, Latvia, 2018-08-20 09:36 CEST (GLOBE NEWSWIRE) -- New Hanza Capital, AS has closed the first half of 2018 with an aftertax profit of EUR 4.77 million. This result was mainly driven by dividends paid to the Company by its subsidiaries. The Group result for the first half of 2018 amounted to EUR 526 thousand.

Group results for the six months of 2018:

  • revenue – EUR 1.91 million, a 211% growth against the same period in 2017;
  • adjusted EBITDA* – 797.85 thousand (*earnings before interest, tax, depreciation, amortization and investment property revaluation);
  • assets – EUR 55.22 million, a 5.46% growth against the value at the end of 2017.

During the reporting period New Hanza Capital, AS subsidiary NHC 2, SIA acquired an additional office building in the territory of the former State Electrotechnical Factory (VEF) at Bērzaunes iela 7 for EUR 1.90 million. This acquisition bears a strategic importance to the Group development plans in the VEF territory, as well as increases the value of Group previous investments in the neighbourhood.

The total Group investment property leasable area at the publication date exceeds 70 000 m2, accounting for the latest office building acquisition. The total area leased out by the Group subsidiaries exceeds 56 000 m2. During the first half of 2018 there was a 12% decrease in the average monthly rent per square meter in the Group office spaces. This change was caused by the active property management works in the VEF territory offices. Tenant mix optimization, as well as planned rent indexation lead to an 8% increase in the average monthly rent per square meter in the Group office spaces during the reporting period.

The Group also continues with the improvement and development efforts in the existing properties. Particularly, in the 2nd quarter 2018 the Group management began detailed design and planning works of the logistics centre on Maskavas iela 462 / 464A. Moreover, detailed design and planning works are ongoing within the reconstruction project in one of the the VEF territory office buildings – Brīvības gatve 214M.

In June the Company decreased the share capital of Group companies NHC 1, SIA and NHC 3, SIA. NHC 1, SIA share capital was reduced to EUR 500 000. NHC 3, SIA share capital was reduced to EUR 700 000. Taking into account future development plans, the Company optimized subsidiary share capital in order to ensure that share capital amounts reflect subsidiary long-term capital needs.

New Hanza Capital, AS is a company founded in 2006, and has been investing in commercial properties since 2015. New Hanza Capital, AS objective is to invest its own funds, as well as third party funds in commercial properties, sustainably increase rental income and promote long-term property value and capital growth. The Company’s real estate portfolio includes office buildings in the VEF neighbourhood, airBaltic central office at Riga International Airport, logistics centres in Riga and Ķekava Region and other objects. The total leasable area of the premises exceeds 70 000 m2.

         Jānis Bunte          PR Specialist          Tel.: +371 6777 5432