Swedbank's real estate arm owns over 1,000 properties

10.11.2011, 14:41

Ektornet, the property management arm of Swedbank, owns 1,056 properties in Estonia, mostly seized from problem customers, writes Eesti Ekspress weekly.

As a rule, Ektornet only acquires these properties that have been used as a collateral by loan customers of Swedbank, mainly acquiring them through enforcement procedures or in bankruptcy proceedings.

This is only a fraction of all foreclosed properties since the bank has also forced property owners with loan repayment problems to sell them, without having to become an owner of the property itself.

Most properties that today belong to Ektornet are private housing properties, especially in such housing estates like Kakumäe and Tiskre.

In Taludevahe tänav in Tiskre, for instance, Ektornet owns a foundation of a four-storey apartment building that was being developed by Artig KV, now bankrupt.

Estectus, the real estate arm of SEB, owns about 476 properties in Estonia.