Scandium Real Estate Became a Joint-Stock Company
Scandium Real Estate OÜ was registered this week as Scandium Real Estate AS and share capital was increased to 2.1 million euros. According to management, this is a strategic step to better attract capital in the future and take the first steps toward a possible stock exchange listing. The company's goal is to quickly establish itself among Estonia's largest developers.
Maido Lüiste, CEO of Scandium Real Estate AS: "Over the last year and a half, we have operated very purposefully in the direction of expansion. Converting the company into a joint-stock company will help us better attract capital from investors through both bonds and possible direct investments. We have significantly expanded our real estate portfolio with several prominent commercial developments and comprehensive residential projects in Tallinn and its surrounding areas. Since investor interest in our activities has been high, we do not rule out looking toward the stock exchange in the future."
Urmo Kallakas, CFO of Scandium Real Estate AS: "Over the past year, we have undergone restructuring, consolidating all project companies under one group. As a result, a financially strong Scandium Real Estate group has been formed. The equity of the Scandium Real Estate group currently stands at over 7 million euros, and we see it growing at a rapid pace in the coming years."
Among residential developments, Scandium Real Estate is working on the Luige Homes project in Luige, residential development in Laagri, and a large-scale residential project in Peetri.
In addition to a strong position in the residential real estate development market, the company is active in the commercial real estate market – under development is a high-rise building that will change Tallinn's skyline at the beginning of Peterburi Road, and a business and living environment project together with Restate opposite the Põhjala factory in North Tallinn. However, the first to enter construction is a modern co-living concept rental building in Mustamäe.
Over the past year, Scandium Real Estate's portfolio has completed the co-living lifestyle rental building Newton Studios on Kadaka Road in Tallinn and the luxurious DUO Lofts apartment building with many additional amenities in the old town of Tartu.
Scandium Real Estate, the first company in Estonia to systematically specialize in the development of productive rental real estate and rental buildings, was founded 5 years ago by Maido Lüiste, Kalle Aroni, and Jaak Roosaare. Over the past three years, more than 450 apartments have been completed in both residential and rental apartment formats. The 2020 profit reached 1.9 million euros. Today, Scandium Real Estate is a comprehensive Estonian real estate developer focused on the development of complete living environments where everything needed for living would be conveniently nearby. Scandium develops living quality.
