Sale of a residential development project in Tallinn
Newsec in the Baltics in cooperation with Redgate Capital advised on the sale of a 29,600 sqm large residential development project, owned by Tähetorni Arendus OÜ, Estonia.
The development project consists of 39, 500 sqm of land plots with approved detail plan to develop 23 apartment buildings with 342 apartments. The properties are located at Rehelepa street, Haabersti district, in new developing area between Nõmme district private houses, forest parks and Mustamäe district apartment buildings.
“It was another successful collaborative project with Redgate Capital and Newsec in the Baltics team. Now we will focus on our other development projects in Tallinn area” commented Hannes Raag, CEO of Tähetorni Arendus.
The buyer is F&A Kinnisvara, part of Estonian developer Favorte group. The transaction was structured as an asset sale.
Transaction is an example of fast developing western part of Tallinn, popular among young families, with new infrastructure, surrounded by forest parks and Tal-Tech university campus.
“It was pleasure to work with such professional city planner and developer as Tähetorni Arendus people. During 2020, residential development in Tallinn was strong despite turbulent times and last month`s apartments sale was stronger than a year before.” says Indrek Mihhels, Partner of Newsec Transaction Advisory in Estonia.
Newsec in the Baltics in cooperation with Redgate Capital advised the seller in the transaction. Legal advisors were law firm Cobalt (seller) and law firm Pohla & Hallmägi (buyer).