E.L.L. Kinnisvara has purchased plots opposite the Hotel Olümpia
E.L.L. Kinnisvara, one of the largest real estate developers in the Baltic States, has purchased at a public auction plots opposite the Hotel Olümpia in the centre of Tallinn. Within the next few years, the company is planning to build modern, high quality office buildings at the location that integrate well into the surrounding public space.
“The purchase of these plots with an attractive location in the city centre is a strategic decision for us, one that aims to expand our real estate portfolio in Tallinn. The focus of our development activities is currently in Riga, but this project should become the most active one in Estonia. The quick start of the development process is supported by a valid detailed plan. Due to the project being so extensive we are planning to divide the work into several stages and start with the first office building,” said Indrek Moorats, board member and Development Director of E.L.L. Kinnisvara. “The office buildings erected alongside Liivalaia Street, one of the main streets in the city centre, will be perfect as the headquarters of a large company or as offices of smaller ambitious companies.”
E.L.L. Kinnisvara has purchased at a public auction plots at Liivalaia 34, 36, 36a and Juhkentali 1b, 3d, 3e, 9a, 9c and 9d as well as Veski Street T1 (former Juhkentali 9b), with a total area of about 12,000 m². The plots have a valid detailed plan, which allows both commercial buildings and residential houses to be built.
Today, the focus of the development activities of E.L.L. Kinnisvara lies in Latvia, where two large projects are actively on-going. The company is planning a representative A-class office building, with approximately 10,000 m2 of space to let, for the Spice complex, one of the more popular shopping centres in Riga. The company also owns plots in Skanstese, the heart of Riga’s developing commercial district. In the first stage, construction of two A-class office buildings, with nearly 23,000 m2 of space to let, is planned.
E.L.L. Kinnisvara (www.ell-realestate.com) is one of the largest real estate companies in the Baltic States, developing and managing shopping centres, hotels, and office buildings. The company’s current real estate portfolio includes 209,000 m2 of space to let. E.L.L. Kinnisvara has holdings in several leading shopping centres (Spice and Spice Home in Riga, Panorama in Vilnius, and Viru Keskus in Tallinn), and owns three office buildings (Delta Plaza and Sõpruse Ärimaja in Tallinn and L3 in Vilnius). The company also owns the Nordic Hotel Forum building (operator OÜ Nordic Hotels) and, together with AS Infortar, the Tallink City Hotel and the Tallink Express Hotel, operated operated by Tallink Hotel.