On changes in Pillar Holding Company affiliate companies

Riga, Latvia, July 4, 2013, 09:36 / Banking

After completing several significant transactions, there have been changes regarding affiliate companies of real estate company Pillar Holding Company, KS, included in ABLV Group.

On 25 June 2013, all shares of capital of Pillar 17, SIA, were sold to a person not related to ABLV Group, and therefore this company is excluded from ABLV Group. The assets of Pillar 17 were real estate in Jurmala. The total transaction amount was EUR 1.38 million. This is already the fourth transaction over the last years under which both properties constituting the company’s assets and the affiliate company of Pillar Holding Company, KS, have been sold together.

Also, liquidation of Pillar 13, SIA, has been initiated due to successful achievement of set business objectives and actual termination of operations.

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. In total, Pillar supervises more than 1200 properties worth about EUR 85.4 million. So far the company has invested the total of EUR 12.4 million in renovation of properties.

Ilmārs Jargans
Head of Public Relations Department
+371 6777 5296