News

RENEWAL OF LEASE CONTRACT WITH VIRU KESKUS

TALLINN, 05.02.2020, www.omxgroup.com -  Kaubamaja AS, a subsidiary of Tallinna Kaubamaja Grupp AS, renewed the existing lease contract with AS Viru Keskus for seven years, until 2028. Renewal of the lease contract will not affect the development plans for the new sales building of Kaubamaja.

Kaubamaja has been the largest tenant of Viru Keskus since its opening in 2004. Kaubamaja AS has approximately 8,700 m2 of retail space in Viru Keskus, where the beauty, women’s fashion, and food departments of Kaubamaja are located.

In the beginning of 2018, Tallinna Kaubamaja Kinnisvara AS and AS MSI Grupp submitted to the Tallinn City Government an application for design specifications to construct new buildings on registered immovables at 2 Gonsiori tn and 6 Rävala pst. The application for design specifications was based on valid detailed plans and the ‘CITY BREAK’ design, the winning design of an architectural design competition organised in cooperation with the Urban Planning Department of Tallinn and the Estonian Association of Architects. In December 2018, a design contract was concluded with DAGOpen OÜ, the architectural firm which represents the authors of the winning design. The city has currently suspended the proceedings for issuing design specifications and developers are awaiting decisions of the Tallinn Urban Planning Department regarding traffic changes planned in downtown to continue with development in the district.

Tallinna Kaubamaja Grupp AS will inform the stock exchange of any significant steps taken in relation to the construction of the new sales building and of the investment volumes and will issue more detailed information in accordance with the rules of the stock exchange.

Raul Puusepp
Chairman of the Board