State Real Estate's Profits Up 38% Last Year
State Real Estate, the company responsible for development and management of government realty, has announced an 8.8 million euro profit for 2012 - a 38 percent increase from the year prior.
The sale of Koidula railway station's buildings and infrastructure to Estonian Railways in the first half of the year accounted for the rise, reported uudised.err.ee.
At a meeting yesterday, the company's seven-member supervisory board voted not to pay out dividends from the profit, a company statement said.
Board chairman Arto Aas named the quick remodeling of 484 buildings to make them more energy efficient - an effort funded by the state's prior sale of carbon emissions credits - as one of the highlights of last year.
“Increasing the energy efficiency of close to 500 buildings in a very short time period was a challenge for the company,” said Aas.
The company invested 13 million into new, shared police and rescue service buildings in both Narva and Jõhvi.
Additionally, with the cooperation of public and private sectors, the company completed a police building in Jõgeva as well as a shared police and rescue service building in Kuressaare.