A subsidiary of AS Pro Kapital Grupp, OÜ Kalaranna Kvartal, signed a preliminary contract for the sale of commercial premises in Kalaranna District worth 13.40 million euros including the VAT. A total of 3,811.2 m2, ie all 25 of the commercial premises of the first construction phase of Kalaranna District were sold. The transaction was brokered by Uus Maa Ärikinnisvara OÜ. The parties also have an additional agreement to purchase the next phase of commercial premises, which will add 2.76 million euros with VAT to the total value of the transaction, exceeding 16 million euros.
The final sales will be concluded and commercial premises of the first construction phase will be handed over in stages according to completion. Therefor the revenues from the transaction will be recorded in the second half of the year. The building permit for the next phase is in place and currently projecting is ongoing to enable start of construction tender activities.
Kalaranna District, which is being build right on the border of Tallinn’s Old Town, will be the first residential environment in Tallinn adjacent with sandy beach. Construction of the district started at the beginning of 2020 and during the ongoing construction phase 8 houses, a city square connecting the buildings and the Kalaranna park area will be completed. An integral part of Kalaranna District will also include renewed promenade area, where the existing natural environment will be largely preserved. The completion of the first houses, park, harbour and beach area will be in the summer of 2021, and the entire first stage will be completed in the spring of 2022.
Kalaranna District brings a Nordic environment to the seaside area and architecturally enriches the urban space. It was very important for Pro Kapital that the district’s business space would be shaped by an owner with similar values and who would consider the history and uniqueness of the area as well as the interests of residents and visitors. The transaction was brokered by Uus Maa Ärikinnisvara OÜ, who takes care of the well-being of commercial real estate in the entire coastal area. The location in the immediate vicinity of the sea as well as the city center,
Kalaranna District will become an important integration point for both, residents and visitors. The square connecting the houses is bordered by commercial premises on the high ground floors, which will undoubtedly fulfil their potential in the future due to unique location. According to Eduard Sorokin, a member of the management board of Uus Maa Ärikinnisvara OÜ, the Kalaranna District is an important part of Tallinn’s “Golden Mile” by the sea, where the port area, city center, old town, Kalamaja and the sea promenade, meet. Kalaranna District is a development with excellent architecture and functionality, but also has special emphasis on landscaping and public space, which follows the idea of a greener Tallinn. Eduard Sorokin pointed out that the transaction is important in the context of an entire Estonian commercial real estate as it established a new benchmark of the market value of street level retail space. The rental interest of well-known market participants in the project premises has been significant and testifies to the fact that the businesses are ready for a new economic cycle.
AS Pro Kapital Grupp is a listed company with more than 25 years of history, creating enriching, integral and diverse living environments in the best locations in the Baltic capitals. The company has developed more than 270,000 m2 of real estate and about the same amount is still to be developed.
Uus Maa Ärikinnisvara OÜ is a dynamic consulting company specializing in commercial real estate, where today 15 highly qualified specialists and in addition a number of supporting services can be found, and know-how have been accumulated by the Uus Maa Group in serving its clients for the last 29 years.
