Half of Gate Tallinn Business Park's Properties Have Been Sold
Gate Tallinn, one of Estonia's largest comprehensively developable business parks, located on a 60-hectare area next to Laagri village in Saue municipality, has signed a contract with asset management firm Lumi Capital, according to which a new headquarters for Rimi Estonia, a central kitchen, and a logistics center will be built in the business park by 2024. As a result of the transaction, by now half of Gate Tallinn's business properties have found a new owner.
Gate Tallinn's developer Chester Universal sold a 7.7-hectare property to Lumi Capital, with a total construction area of 26,000 square meters. By agreement of the parties, the transaction price and total investment amount are confidential.
Rimi Estonia's CEO Vaido Padumäe emphasized that the construction of a new headquarters will enable logistics operations to be brought under one roof in Estonia, develop a modern central kitchen, and build a modern office that supports contemporary and innovative work methods. "All of this creates conditions for Rimi's further development and growth in Estonia and helps serve stores in the best way possible," explained Vaido Padumäe. For Rimi, good accessibility by both car and public transport, a green mindset, expansion opportunities, efficient building planning, good parking facilities, and an experienced developer were important factors in choosing the location.
Chester Universal, a development company led by investment firm Trigon Capital, began active sales of Gate Tallinn business park at the beginning of this year. This year, the infrastructure of Gate Tallinn business park was completed, and at the end of November, a new Saue-Topi road running through the business park was also opened. The developer has invested over 5 million euros in building Gate Tallinn's infrastructure, of which 2.4 million as co-financing for important Transport Authority projects for regional development.
"Of Gate Tallinn's approximately 60-hectare area, over 25 hectares have now been sold to clients and developers, or roughly half of the project volume when including infrastructure. In addition to Lumi Capital, properties have been purchased by Kapitel, Favorte, Makita, and Pakhaus, which makes Gate Tallinn likely to be the most extensively developing business park in the coming years. We expect to see construction of the first buildings already in 2022," explained Rando Tomingas, project manager at Trigon Capital.
"Demand for new quality business properties in Tallinn and its surroundings remains high. Gate Tallinn's location on the outskirts of the capital, on the edge of Via Baltica, ensures fast connections to both Tallinn, neighboring cities, and international trade routes, which is one of the most important arguments for companies. There are also rail and public transport connections to Tallinn and neighboring cities. Various skilled workers and professionals live and work in the surrounding larger employment areas of Saue, Laagri, and Nõmme, which means there is a significant amount of labor nearby. In just a 10-kilometer radius, 100,000 people currently live," added Tomingas.
Gate Tallinn is a real estate development project led by Trigon Capital in Laagri town next to Tallinn. The project encompasses over 60 hectares of commercial purpose plots with road transport connections. Plots ranging from 0.4 to 17 hectares are available, by November 2021 a new connection road between Laagri and Saue running through the development area was completed, as well as roads and infrastructure between the plots. More information at www.gatetallinn.ee.
