Last year, Summus Capital’s sales revenue increased by a third year-on-year, from 29.2 million in 2021 to 39.0 million in 2022. The company’s net profit in 2022 was 13.95 million euros, while its balance sheet total grew to 429.1 million euros.

According to Hannes Pihl, Member of the Management Board of Summus Capital, the company faced a number of challenges in the global economy last year, ranging from rising energy prices to general inflation and growing interest rates. Global macro problems were accompanied by geopolitical tensions. “Despite these challenges, we have remained consistently committed to sustainability at Summus Capital, focusing on maintaining our current portfolio and strengthening our relationships with tenants and financiers,” he said.

Pihl was pleased that Summus Capital succeeded in acquiring the Damme shopping centre in Riga last year and sold a production building in Tartu at the end of the year. “In addition, we have refinanced older loans and thus strengthened our liquidity position in order to prepare for possible uncertain times.” 

“We strive to be leaders and role models in the field of sustainability in the Baltics,” Pihl added. “We remain committed to making progress in efficiency and strategic development in various environmental, social and governance areas.” Summus Capital applied for GRESB certification in 2022 for the first time. GRESB is an international organisation that evaluates sustainable investment practices and property owners’ green and sustainability policies in the ESG (environmental, social and governance) field. Various standards set by GRESB are integrated into the management of Summus Capital’s portfolio. “In addition, we have supported and will continue to support the Baltic society and outstanding young tennis players in 2023 through our passion for tennis,” Pihl noted.

Summus Capital (www.summus.ee) is a real estate investment holding company established in 2013. The group owns a portfolio of 14 properties in the three Baltic countries, comprising commercial, office, logistics and medical sector buildings, with leased premises of over 218,000 square metres and a value of approximately 400 million euros.

In Estonia, Summus Capital owns the Veerenni 1 and Veerenni 2 medical centres, the de la Gardie and Auriga shopping centres, the Punane 56 business centre and a portfolio of warehouses. In Latvia, Summus Capital owns the Riga Plaza and Damme shopping centres and the property of Depo Imanta DIY. The Lithuanian portfolio includes the BOD Group’s high-tech centre, the Nordika shopping centre and the Park Town 1 and 2 office buildings.