News
GILD Bankers became the sole owner of GILD Real Estate
Baltic investment bank GILD Bankers and real estate group Uus Maa have decided to change the ownership of the asset management company GILD Real Estate. Previous to this, GILD Bankers (AS GILD Professional Services) owned 50% of GILD Real Estate, but now acquired additional 50% share of the company from Uus Maa, becoming the sole shareholder of GILD Real Estate (AS GILD Property Asset Management). The change allows both companies to focus on activities, where their main strengths lie.
„The synergy of capabilities combined in the cooperation of GILD Bankers and Uus Maa lead to the establishment of EEREIF, one the most successful real estate funds in the region. Today GILD is confident that we have all the required tools and competencies to take GILD Real Estate to the next level on our own, especially as the entire team stays on board as well.“ comments Rain Tamm, Managing Partner of GILD Bankers. “During the last year some of the prime tasks for GILD Bankers have been various restructurings and refining of the Group`s legal framework, this change is also part of that. GILD Alternative Funds team welcomes the decision as it gives the opportunity to bring GILD Real Estate even closer to the rest of the team and develop all our alternative fund vehicles even more according to the same principles,“ he adds.
The change of ownership will not bring along any changes in the management, operations and staff of GILD Real Estate. Urmas Laur, Jaanus Juss and Andris Kovalcuks will continue in their current roles in the Management Board of GILD Real Estate. Next to partners of GILD Bankers the Supervisory Board of GILD Real Estate will continue to include Ville Jehe, a shareholder and Board Member of Uus Maa.
Ville Jehe believes that the exit from the joint venture will enable Uus Maa Real Estate Group to focus on its core activities in the real estate sector: “Regarding the present market situation in the Baltics, we need to focus our efforts and attention in maintaining the role of Uus Maa as the market leader of real estate brokerage in the Baltics. Exit from the otherwise profitable and successful partnership enables us to focus on what we are best at.“
GILD Real Estate was founded in 2005 as a partnership between two Baltic market leaders – investment bank GILD Bankers and real estate group Uus Maa. GILD Real Estate is regulated by Estonian Financial Supervision Authority and has currently one real estate fund under its management – Eastern Europe Real Estate Investment Fund (EEREIF). The amount of assets currently under management of GILD Real Estate is more than EUR 65 mln.
EEREIF is a real estate fund focusing on commercial real estate and looking for hidden upsides in the Emerging Europe real estate market. Its portfolio is well balanced with the strategic split of 60% cash flow projects and 40% development projects. Investments are diversified between the Baltic States, Bulgaria and Poland. Targeted annual net return to investors is 15-20%.
GILD Real Estate recently became a member of European Association for Investors in Non-listed Real Estate Vehicles (INREV) which joins together more than 300 leading institutions and other market players.
GILD Bankers is the leading Baltic investment bank active in Emerging Europe. The core services of GILD are management of alternative funds, investment banking and private banking. In terms of all activities and investments GILD has a presence in Estonia, Latvia, Lithuania, Finland, Ukraine, Bulgaria, Armenia, and London, the financial capital of Europe.
For further information, please contact:
Kadri Kütt
GILD Bankers Communication Manager
+372 56 800 467
kadri.kytt@gildbankers.com