Company Terra Firma was founded in November 2004 as the first investment foundation for real-estate in Croatia and this part of Europe. It was established as a joint-stock company according to the regulations of the Investment funds Act (Zakon o investicijskim fondovima), i.e. Croatian Corporations Act (Zakon o trgovačkim društvima).
Extraordinary General Meeting was held on 14 May 2009, where decisions about changing the company and company objects were made, for legal restrictions reasons, into direct investments in project developments and a new Statute (Rule) was adopted. According to the decision of the Commercial Court in Pazin from 14th August 2009, joint-stock company Terra Firma formally no longer functions as a closed investment fund with public tender for investing into real-estate, but as a joint-stock company for investing into real-estate.
The afore mentioned changes in the Statute (Rule) enable the Company to invest into real-estate more directly and in that way increase their value, market pull and joint project investments with outside partners.
Share capital of the Company is 36.000.000, 00 and it comprises of 36.000 pieces of regular shares registered in name, with par value of 1000 kunas. Company’s share has a ticker TRFM-R-A and is included in the regular market in the Zagreb Stock exchange.
Company bodies are: General meeting, Supervisory Board and the Board of Directors.
The Board of directors comprises of the director of the Company, while the Supervisory Board has three members who are chosen by the decision of the General Meeting for a mandate of four years.
Statute (Rule), which is the basic document of the society, states: „The Company shall invest property with the goal of increasing property value, i.e. increasing Company shareholders’ capital according to types and risks of investment. The Company shall invest property having the safety of investment in mind, with minimising risks, exclusively in the Company shareholders’ interests“.
According to the afore mentioned Statute (Rule), the Company has invested the acquired funds into real-estate in the area of Istrian County, which, with its natural resources and predispositions for growth, represents a tourist Mecca in development. Natural surroundings, location of the land, image and recognition of Istria as an international tourist destination and cultural and gastronomic heritage of the region create firm grounds for a clear potential to develop projects for tourist and social purposes for targeted client groups.
The main business activity of the joint-stock Company Terra Firma is development of luxurious tourist-catering projects and projects for social purposes, such as settlements for the elderly.
Application of this type of business model is in accordance with the “Masterplan” of tourism development in Istrian County and will bring about concrete profit to the shareholders of the joint-stock Company Terra Firma.