New Hanza Development Established – The Next Step in the Growth of New Hanza

To ensure more effective development of New Hanza, a new company – New Hanza Development – has been established.

Over the next three years, the company plans to implement a range of projects within the New Hanza territory, including the construction of the New Hanza Apartments residential complex at 10 Gustava Kluča Street, comprising 258 apartments, 185 parking spaces, and commercial premises on the building’s ground floor. The project will also include the creation of New Hanza garden and the completion of the district’s street and utility infrastructure. In addition, the design of new office buildings is planned, along with the next stage of residential and commercial developments.

New Hanza Development was founded by Pillar Capital, AS, which contributed assets including properties within the territory (land plots for development, infrastructure, the cultural venue Hanzas perons, and utility services), and Pillar Living, SIA, which will provide a cash investment. In the first stage of development, shareholder equity of EUR 39 million and additional loans from shareholders amounting to EUR 36 million have been secured.

For the implementation of the large-scale New Hanza Apartments project, the general contractor Pillar Contractor, SIA, has already been engaged. In mid-October, the company began preparing the construction site. All four buildings will be built simultaneously, and the project is scheduled for completion in December 2027.