Date: 9 June 2009
Helios Properties and Süda Maja are to develop Estonia's largest retail and logistics park with an end value of EUR 250 mln. DTZ acted as joint venture advisor for Süda Maja and will be retained as letting agents on the project, the adviser said in a press release.
The joint venture between Helios and Süda Maja is set to develop 110,000 m2 of retail warehouses and 185,000 m2 of high-grade logistics space with a view to attracting major European retailers and distributors to this strategic location. Funding has been secured through Helios’ Middle Eastern backers and local finance partners. Construction is due to start in Q1 2010 with the first phase completed within 12 months. The scheme will be part pre-let and part speculative.
The 84 hectare site, known as American Corner, is located at a major junction of the Tallinn Ring Road and the Tallinn-Tartu motorway seven minutes from the international airport and 15 minutes from the port and the centre of the Estonian capital.
'American Corner will be a new high grade business and retail district with allocation for retail, business space, logistics and leisure. We expect to attract interest from national, regional and international companies. In the current climate this is a clear indication of the belief that the site is not only prime but that there is interest in making significant investments in the Baltic region in preparation for when the market improves,' said Kevin Havill.