75 Countries' Investors Helped Revive Pärnu Cultural Heritage
The 150-year-old "Beti ait" building made of red bricks, located in Ülejõe in Pärnu, has come back to life. With the help of nearly 10,000 investors on the Estateguru financing platform, a total of 4.4 million euros was raised to convert the warehouse with a long history into luxury lofts. Investments in Pärnu came from 75 countries around the world. This is a good example of how investments in Estonia can also come from the grassroots level.
In the newly revived building, the A. Lange and Co flax processing company operated in 1870, which was accompanied by a three-story red brick flax shed. In 1890, the building was taken over by Thomas Bett with his company Bett and Co, which engaged in export and import trade. This is how the building has also gained the name Beti ait, which is still used today.
"Vagabond Lofts is a very special project for us, as it combines modern architecture, well-thought-out planning, and the development of a historically interesting area. This is one of the first major loft-type residential projects in Pärnu, bringing a new level of design and quality of living environment here. We see that this gives Pärnu a completely new look and attracts both younger residents and investors," says Rauno Loonurm, the head of Miston Capital, which led the development. He considers the Pärnu real estate market to be stable and attractive when it comes to quality projects.
According to Estateguru CEO Daniil Aal, this is a good example of how investments can be brought to Estonia in very different ways. "While the most classical way of counting investment in Estonia is the construction of some industrial or production building, in this case, 4.4 million has been invested in stimulating our economy. In addition, Pärnu received a new and beautiful landmark that will adorn the urban landscape for decades to come," adds Aal.
Raising money through the platform was a strategic decision according to Loonurm. "It gave us flexibility, speed, and the ability to attract resources without lengthy and complicated processes. Estateguru has a professional team and strong experience with similar developments, which created confidence," explains the head of Miston Capital the reasons behind the financing.
"We are very satisfied with the end result. We got the necessary funds at the right time, the project progressed as planned, and we have received positive feedback from both clients and partners. Estateguru and thousands of investors through it supported us throughout the process, and we will certainly consider using the platform in the future," thanks Loonurm also the investors.
In this specific case, 4.4 million euros was invested in Pärnu, which was used to create 44 new apartments or business spaces.
