Harju KEK Develops Commercial Real Estate Despite All Crises

A long-term real estate company will invest over 5.5 million euros in the construction of new business buildings over two years.

Harju KEK is building a new building on the territory of Keila Industrial Park with an area of 2100 m2, which contains 5 business spaces. Storage and production areas of 292 – 360 m2 with office blocks. The first lease agreements have been concluded.

Construction of the same type of building begins this August in the Tänassilma district at Valdmäe Industrial Park at the address Valdmäe põik 3/5, where a 2-story building will have 6 business spaces ranging from 336 – 1242 m2.

Spaces in both buildings are available for rent.

"We are a long-term focused developer and believe that small and medium-sized businesses will need modern business space in the future as well," begins Harju KEK CEO and Board Member Janek Lehtmets. "New supply chains and growing domestic production (or production in neighboring countries) give reason to believe that demand for warehouse space will grow, and in the future we will increasingly need production space from local businesses since it is more expensive to import finished goods from outside."

"We believe in regions that have railways, proximity to the city, and proximity to major roads – both Keila Industrial Park and Valdmäe Industrial Park meet these criteria and we see growing potential for efficient warehouse and small production spaces," adds Lehtmets.

"In addition to investing 5.5 million euros in stock-office-type buildings, we have made targeted investments in the construction of new buildings for existing clients, the latest example from 2021 is Ensto Building Systems' new production building worth 3.5 million euros."

New investments:

Keki 3, Keila, Keila Industrial Park

• Total building area 2100 m2
• On Paldiski avenue
• 5 business spaces ranging from 292 – 443 m2
• Completed August 2022
• Investment 2.2 million EUR

Valdmäe põik 3/5, Saue, Valdmäe Industrial Park

• Total building area 3000 m2
• Near Pärnu avenue
• 6 business spaces ranging from 363 – 1242 m2
• Completed May 2023
• Investment 3.3 million EUR

Harju KEK AS is an Estonian private equity-based commercial company engaged in real estate development, management, and investment management. The company owns over 100 hectares of commercial and industrial land in Tallinn and Harjumaa and a total of over 100,000 m² of leased space.

The company's largest commercial and industrial parks are Keila Industrial Park in Keila city, A11 Business Park on the Tallinn ring road, and Valdmäe Industrial Park in Tänassilma. More information at www.harjukek.ee.