Estectus, which deals with the problem property of SEB Bank, has increased the amount of its assets by 94 million kroons in nine months.
Estectus had purchased property for a total of 32.3 million kroons in the end of last year, but in the meantime it has increased the value of its portfolio almost four times to 126.4 million kroons.
Similarly to Ektornet, which is the company that buys up problem properties from Swedbank, Estectus also purchases developments of properties that the bank's debtors have been unable to complete. At the same time, the portfolio of Estectus is almost five times smaller than Ektornet's.
The company's director Hannes Kuhlbach admitted, however, that they intend to increase their portfolio in the future just like the other big Swedish bank.
The company has already collected a lot of property in Tartu, Pärnu, Tallinn and elsewhere.
At the start of the year, it acquired possession of three large plots of land in Rapla County that belonged to Grove Invest. The sites offered by Grove as collateral were taken in the easiest way possible – through a bailiff.
In addition to this, the company took over a massive project in Tartu, which contained 14 registered immovables. In Paikuse Rural Municipality, Pärnu County, the company took as many as 47 immovables from a developer that recently went bankrupt.
What do you say? SEB Bank is having some unbelievable luck, because now they have property and debtors, and they have also got most of the loans back!! On with the next round!
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