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IRI Investments, a Dutch company of the Ikea group, has become the sole owner of Foran Real Estate, a forest management company, according to Firmas.lv. The company has one of the largest land in Latvia belonging to private capital.
With the change of ownership, Foran Real Estate has changed to IRI Forest Assets Latvia since Tuesday, July 17th.
The information published on the website of IRI Forest Assets Latvia shows that the company has a total of 54,207 IRI Forest Assets Latvia is one of the largest private landowners in Latvia, with 40747 hectares of forest land, 10370 hectares of agricultural land and 3563 hectares of other land
. It has already been publicly announced that the two largest private owners of our country – the Scandinavian companies – Bergvik Skog and Foran Real Estate – have informed the Ministry of Agriculture of plans to sell their property and leave the market Latvian. In addition, the public joint stock company "Latvijas Valsts meži" has been mentioned as one of the leading applicants for real estate acquisition. The portal "Delfi" contacted Tomas Kotovich, representative of Latvian State Forests, to find out why the company did not buy IRI Forest Assets Latvia.
"As part of the LETT" tender offer "taking into account future cash flows and revenues from these forest properties, as well as the management of socially responsible, environmentally friendly forests. Environmental and sustainable, in order to increase the value of the good.Provisional supply also depends directly on the type of forest management, "says Kotovich.The amount proposed is confidential.It also says that the seller does not have to pay for it. has not explained its decision to "state forests of Latvia" and that it is unlikely to do so.
Bergvik Skog owns more land holdings in Latvia than IRI Forest Assets Latvia and the forests of Latvia. Latvian state are preparing a quote.However, for the acquisition of these properties, the deadline has not yet ended.Kotovich indicates that the price offer for this competition will be based on the same principles as in the case of IRI Forest Asse ts Latvia, because the "state forests of Latvia" have a high degree of sustainability, respect for the environment and social responsibility. These are all offers of "state forests of Latvia" during the acquisition of forests.
It has already been reported that Latvian state forest funds would not be sufficient for such an agreement, so the money should be borrowed. Foresters estimated that the average price in this case would be between 1700-2000 euros per hectare or slightly more.
"Investing in forestry is part of Ikea's financial management strategy to invest in the development of important resources for the Ikea group." The Ikea Group's financial manager has declared de facto to the LTV program last year
Thus, at the present time, IRI investments in the Netherlands directly own three forest management companies in Latvia IRI Forest Assets Latvia, IRI Investments Latvia and IRI Asset Management.
2017. The business figure of IRI Forest Assets Latvia increased by 90.6%, reaching 4.948 million euros, while the company's profit amounted to 8.264 million. euros, or nearly 22 times more than in 2016.
Norwegian Storebrand Livsforsikring (70.05%) and Norskog (0.14%), as well as SPP Swedish Pension & Forsakring (29, 37%) and Gundars Skudriņš (0.44%). The share capital of the company is 72,538,570 euros.
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