BPT Optima acquires Marat office building in Tallinn, Estonia
22 May 2008
Related to
BPT Optima
Baltic Property Trust Optima S.A. SICAR
has acquired an office building located on Tartu road 63 in the
centre of Tallinn. The property, which is known as the "Marat"
building is planned to undergo a facade renovation, an extension of
two fl oors on top and a parking house construction in the
courtyard. Tartu road 63 has a gross land area of 21 000 m2 and is
fully rented out.
"There is great potential in this
property. Despite its location next to the central business
district of Tallinn and the arterial Tartu road, the rent prices
are considerably lower compared to the average levels in the city
centre" says Indrek Hääl, Country Manager of BPT Estonia. "Its
internal fully renovated layout is exceptional with 5 meters to the
ceiling, allowing for spacious and stylish solutions on the
tenants' side. The plan is to rapidly renovate the building's
facade in order to create added value for current and future
tenants, evidently improving the general impression of this highly
visible area as well."
"In accordance with the valid detail
plan, there is an option to build two additional fl oors on top of
the property providing future tenants with fantastic views on the
central business district, the old town and Port of Tallinn.
Negotiations with the architects are ongoing to find the most
suitable solution for the property as a whole. At the same time,
new tenants are sought for in order to allow them to participate in
the project planning already from the early stages."
"Despite the current challenging market
situation, we are continuously on the lookout for attractive
investment projects and continuously witness the increase in such
projects on the market" states Indrek Hääl. "Our real estate fund
has always followed a conservative approach with emphasis on
minimizing risks and conducting meticulous analysis to best serve
the interest of our investors. Today, we have created a portfolio
of signifi cant size and quality offering our tenants qualitative
full-range corporate real estate solutions."
For more information about this
press release, please contact:
Indrek Hääl
BPT Country Director Estonia
phone: +372 6 309 420
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