Hepsor SPV I Ltd., subsidiary of Hepsor AS, made its second investment in the Canadian real estate market. An assembly of 3 properties was acquired in downtown Toronto at 164-168 Isabella Street together with Canadian partners. Elysium Isbella Limited Partnership was founded in order to develop the property in which, in addition to Hepsor and its Canadian partners, various Canadian and European investors also participate.

Fasken. The goal of the first phase of the acquired development project is to assemble the 3 properties and apply and achieve zoning approvals to permit a residential hi-rise tower on a podium, with a projected Gross Floor Area of ca 42 000 sq. meters (450,000 sq.

ft). The assembly and zoning is expected to take 2-2.5 years, after which the Elysium Isabella Limited Partnership will be able to decide whether the additional value created by that point will be realized through the resale of the property or whether the project will move on to the construction phase. The total value of the land and project costs is ca EUR 41 million, of which Elysium Isabella Limited partnership will invest ca 5.5 million as own funds.