Novel Clinic Assets OÜ has filed a lawsuit against Hepsor P113 OÜ, an affiliate of Hepsor AS.

Hepsor P113 OÜ, an affiliate of Hepsor AS with a 45% shareholding, terminated the lease agreement with Novel Clinic Assets OÜ. Hepsor P113 OÜ owns a commercial building with a leasable area of ca 4,000 m2 in Tallinn, at Pärnu mnt 113, of which the terminated lease agreement was signed for 3,575 m2. The lease was terminated due to a significant and continuous violation of lease terms by the tenant. Hepsor P113 OÜ has submitted a claim for damages amounting to approximately 3 million euros against the tenant.

On November 9th, Novel Clinic Assets OÜ filed a lawsuit with Harju County Court to restore the lease agreement for Pärnu mnt 113, seek compensation for the termination of the lease agreement, and reclaim the property left in the premises. According to Hepsor P113 OÜ's lawyer, the claims made by the plaintiff are unfounded, as the plaintiff has caused harm to itself, and Hepsor P113 OÜ has applied to the court to dismiss the review of the claims.

Henri Laks, a member of the board of Hepsor AS, stated that Hepsor AS and other stakeholders of Hepsor P113 OÜ prefer an extrajudicial resolution.

Henri Laks
Member of the Management Board
Phone: +372 5693 9114
e-mail: henri@hepsor.ee

-

Hepsor AS (www.hepsor.ee) is one of the fastest growing residential and commercial real estate developers in Estonia and Latvia. Over the last twelve years Hepsor has developed more than 1,600 homes and 36,000 m2 of commercial space. Hepsor was the first real estate developer in the Baltic States to implement a number of innovative engineering solutions that make the buildings we construct more energy-efficient and thus more environmentally friendly. The company's portfolio is comprised of 25 development projects with a total sellable space of 169,300 m2.