Bigbank Finances Construction of New Shopping Center in Jõgeva with 700,000 Euros
Bigbank is financing the construction of a new commercial building in Jõgeva with over 700,000 euros, where developer Andorra Invest will create space for a Pepco store and a Hesburger restaurant. According to plans, construction will be completed in August of this year.
The building, with a total area of approximately 700 square meters, will be located at Aia Street 4 in central Jõgeva, surrounded by Coop, Selver, Grossi, Maxima, and Rimi grocery stores. The previously deteriorated building that stood on the plot has already been demolished, and the new building is being constructed by Mapri Ehitus.
According to Aimar Roosalu, head of Bigbank Estonia's business banking unit, the bank is already financing the construction of the third small-scale shopping center with a similar concept for the same owners - the previous ones were built in Paide and Tapa and are operating successfully. "I am often asked whether any bank in Estonia finances real estate projects outside Estonia's larger cities? Andorra Invest's Jõgeva project and the same developers' earlier projects in Paide and Tapa are an example and confirmation that Bigbank does this," he noted. "Large shopping and business centers are primarily located in major cities such as Tallinn, Tartu, Pärnu, and Narva. Development in smaller towns has been slower, but we see a gradual reversal of this trend. We will continue to work with developers to ensure that smaller county centers regain their attractiveness and that local residents can find the necessary services and products locally."
According to Ruben Gornischeff, member of the board of Andorra Invest, Jõgeva is represented by most of the larger grocery stores, but has been lacking shopping centers or stores selling household goods and clothing, with the nearest shopping centers located approximately 50 km away in Tartu. The main tenants of the new business building will be Pepco Estonia and Hesburger. "We are pleased to expand the choices for Jõgeva residents and bring new businesses to the city. We recently built similar business buildings in the centers of Paide and Tapa, where they have been very well received by locals and our tenants' sales results are very good. Pepco has expanded its operations across Estonia and currently has 38 stores. Hesburger has a total of nearly 500 restaurants in nine countries, 53 of which are in Estonia," he noted.
