Pillar sales doubled

| Source: ABLV Bank, AS

Riga, Latvia, 2013-01-29 11:44 CET (GLOBE NEWSWIRE) -- During the last year, real estate development and trading group Pillar was developing rapidly. Compared to 2011, the number of properties sold by Pillar in 2012 has doubled, amounting to 254 real estate units.

The total value of properties sold by Pillar in 2012 was EUR 15.7 million.

Given customers’ demand, intensive work on developing new projects has been performed. In 2012, there were 3 new projects completed: 33 apartments in Pine Breeze project at Lašu 1A in Jurmala, 50 apartments in Mārtiņa nams 2 project at Slokas 59A in Riga, and 47 apartments at Liesmas 4 in Riga. The total amount invested by Pillar in developing these projects reached EUR 10.6 million. It should be noted that almost all apartments Pine Breeze and Mārtiņa nams 2 projects have already been sold.

Moreover, in October 2012 a transaction involving properties belonging to Pillar group company AB.LV Transform Investments, SIA, in Moscow and worth EUR 3.4 million was successfully performed.

Another Pillar project in Riga is nearing completion – upscale Elizabetes Park House in Riga centre at Elizabetes 21a. Most of 18 premium apartments in this project have already been reserved during renovation.

In this year Pillar plans to complete two more projects in Riga: 80 apartments in Lielezeres Apartment House and 54 apartments at Dārza 32, as well as several small individual projects.

In 2012, the company’s brand was changed. Since beginning operations in 2008, the company was known as ABLV Transform. Starting from October, there is a new single brand – Pillar. Alongside implementing the new brand, a modern and convenient home page was developed: www.pillar.lv is an Internet catalogue presenting properties broken down by categories and supplemented with professional photos, location on the map, and other necessary information.

Currently, Pillar supervises more than 1200 properties worth about EUR 85 million, which is one of the largest real estate portfolios in Latvia.

Looking back at 2012, Pillar Chief Executive Officer Ieva Valtere noted: “The results of 2012 evidence recovery in real estate market. The number of transactions and demand are growing, which also advances offer. Customers require good-quality properties, thus stimulating development of new projects. We look at 2013 with cautious optimism and expect business growth to be the same as that in 2012.”

Pillar Holding Company, KS, is owned by the largest private bank in Latvia – ABLV Bank, AS, and it includes ABLV Group companies that operate in the field of real estate development, management, and trade. Pillar holds one of the largest real estate portfolios in Latvia, which comprises apartment blocks, apartments, private houses, land and commercial properties.

         Jānis Bunte
         PR Specialist
         ABLV Bank, AS
         Tel.: +371 6777 5432