Construction, Estonia, Good for Business, Investments, Markets and Companies, Real Estate

Investment of the first stage is to exceed 40 million euros.

"Our goal is to build the most modern and high-level multifunctional quarter in Tallinn's city center," Indrek Moorats, board member and development director at E.L.L. Kinnisvara, said. He added that an architectural competition will be announced at the end of the year to develop the final architectual solution.

"The designing process will take place in 2017, construction is set to begin in 2018, and the first stage of the development or the 30-storey building and a two-storey underground parking lot is to be finished in 2020," he added.

The development project located at Liivalaia 36/Juhkentali 1 includes more than 40,000 square meters of leasable office and business space, 5,000 square meters of apartments and 700 parking spaces.

The current real estate portfolio of E.L.L. Kinnisvara consists of about 190,000 square meters of leasable area.

The company owns four shopping centers: Viru Keskus in Tallinn, Spice and Spice Home in Riga, and Panorama in Vilnius, along with three office buildings: Delta Plaza and Sopruse Arimaja in Tallinn, and L3 in Vilnius, as well as three hotels: Nordic Hotel Forum and, together with the company Infortar, Tallink City Hotel and Tallink Express Hotel.