Toomas Aak takes helm as new CEO of E.L.L. Kinnisvara Group
Toomas Aak, who has longstanding experience in the field of construction and real estate development, took the post of CEO of E.L.L. Kinnisvara group this month. The company’s management board will continue with two members: Toomas Aak as CEO and Taavi Ojala as CFO. In addition, development director Indrek Moorats joined the company in August.
As group CEO and management board member, Toomas Aak is responsible for all facets of management of the E.L.L. Kinnisvara group in cooperation with the heads of the subsidiaries. Toomas Aak most recently served as management board chairman of AS Mainor Ülemiste; before that he was a long-serving chairman of the management board of NCC Ehitus AS; the Ülemiste shopping centre and various office buildings were completed during his tenure.
“Joining the professional team of E.L.L. Kinnisvara is a challenge that I accepted gladly. I will make my maximum contribution to effectively manage the existing and well-functioning real estate portfolio, strengthen the company’s position as a real estate developer and develop and implement new development projects,” said Toomas Aak.
The purpose of the new position created at the company – group development director – is to manage and coordinate the preparation and carrying out of new development projects in three Baltic states. Indrek Moorats became development director in August. Since 2003, he has worked for AS Merko Ehitus Eesti and been in charge as project manager of different major projects such as Auvere Power Plant, Viru Prison and the construction of Rannu-Jõesuu bridge.
Sales revenue for the E.L.L. real estate group in 2013 was a total of 35.7 million euros. The commercial and office real estate sector performed up to expectations and in hotel projects, successful cooperation with hotel operators continued. The Panorama centre in Vilnius, Spice and Spice Home in Riga, Saules Miestase in Šiauliai and Viru Keskus in Tallinn – all of which the company holds a stake in – were visited last year by a total of around 37 million people and the total turnover of these malls was around of 365 million euros. Vacancy in Estonian office buildings is near zero, and change of tenants is under way at the Vilnius L3 office building.
This year, E.L.L. Kinnisvara has focused on increasing the efficiency of the existing real estate portfolio and invested in the renovation of Riga Spice, Vilnius Panorama and Tallinn’s Viru Keskus shopping centre. Internationally well-known brands have been introduced at all of malls – among them Debenhams, a new-look Reserved and H&M have opened their first stores in Latvia. The renovation project undertaken at Viru Keskus as part of the 10th year in business has brought many new internationally well-known trademarks to the mall: Dune London, River Island, Brooks Brothers, Massimo Dutti, Aldo, Cortefiel and Pedro del Hierro.
E.L.L. Real Estate (www.ell-realestate.com) is the leading real estate company in the Baltics, with core activities consisting of developing and managing shopping centres, hotels and office buildings. E.L.L. Kinnisvara owns holdings in five leading shopping centres: Spice and Spice Home shopping centres in Riga, Panorama centre in Vilnius, Viru Keskus in Tallinn and Saules Miestas centre in Šiauliai. E.L.L. Kinnisvara also owns Delta Plaza and Sõpruse Ärimaja office buildings in Tallinn and L3 office building in Vilnius. In addition, the company is the owner of the Nordic Hotel Forum building (operated by OÜ Nordic Hotels) and co-owns, together with Infortar, Tallink City Hotel and Tallink Express Hotel, operated by Tallink Hotels.