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Developers in Tallinn prepare a new wave of shopping malls 
January 2012

In spite of small market size and ongoing crisis in Europe, developers in Tallinn are racing to announce plans of new shopping malls, writes Äripäev.

At least six new shopping and leisure centres the size of the likes of Rocca al Mare, Kristiine, Ülemiste or Viru Keskus are reportedly in the pipeline.

Margus Tinno, investment expert of real estate consultancy Colliers, says that all six would hardly see the daylight, but the first could be successful.

 

Perhaps the best-known is The Admiralty Pool residential and commercial centre that is being developed by Hillar Teder. Teder has promised to start breaking ground this year.

Pro Kapital Grupp is developing the Moekombinaat project on Peterburi road. Allan Remmelkoor, board member of the group, says that the plan is to start construction in second half of 2012 and open doors in two year's time.

E.L.L. Kinnisvara plans to open Panorama City, a shopping and leisure centre near Song Festival Grounds in the spring 2014. „The market is growing and Tallinn is expanding," explained Aldo Dapon, the company's CEO.

GMP ja Partnerid that plans to build a vast complex called EinStein Centre in Viimsi just outside Tallinn has promised to start construction this year and open at the end of 2013.

Then there is the Gate Tallinn, a multifunctional retail park on the border of Tallinn that is being developed by Trigon Capital, and Ameerikanurga Äripark developed by Süda Maja 10 km from Tallinn. 

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