Bigbank Finances Liven's Pirita TOP Surrounding Development with 6 Million Euros

Bigbank entered into a six million euro loan agreement with real estate company Liven to finance the purchase of a property for a development with more than 200 apartments.

According to Aimar Roosalu, head of Bigbank's corporate banking unit, Bigbank is financing Liven's major development project from the property purchase onwards. "The real estate development rising next to the Pirita Sailing Center is one of the most attractive and exclusive developments in all of Tallinn in recent years, offering great interest from both Estonian and foreign buyers already due to its location," said Roosalu.

"We believe that the planned residential quarter has significantly greater potential than average. The planned development is important for Tallinn as a whole, as it includes the development of the environment along the beach promenade in addition to apartments and increases quality of life and safety in the area bordering the sea. There is always high demand for well-thought-out and well-developed living environments," added Roosalu.

According to Aimar Roosalu, demand for new apartments in Tallinn remains very strong overall, and growth is particularly strong in the segment of larger apartments. "In Tallinn, as of summer, there were 2,200 new apartments on sale, which is less than last year, and such inventory is sold out in less than a year," described Roosalu.

"Liven is a well-capitalized Estonian real estate developer whose business plans are well-thought-out and whose apartment pre-sales are high. That is why we have repeatedly financed their projects before – for example, the construction of four apartment buildings on Türi and Alasi streets in Tallinn," added Roosalu.

Real estate company Liven purchased the Regati Ave 3 property adjacent to the Pirita Sailing Center (Pirita TOP) in Tallinn at a public auction, a 27,000-square-meter property where it intends to develop a residential quarter with more than 200 apartments. The large-scale project is divided into three phases, during which the entire land area will be developed over three years. Construction is planned to begin in spring 2023.

According to a study conducted by Kantar Emor in 2020, Liven is the second residential developer in Estonia by reputation, with most of the homes it develops finding owners before construction begins. Liven's clients can design their homes according to their own taste and needs. The company distinguishes itself in the market by having its own interior architect-project manager for each development project, from whom home buyers can receive assistance in creating their home.