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Ulemiste Keskus, a large shopping center situated in the area of Tallinn Airport, entered into a five-year financing contract with SEB Pank for 84.5 million euros.
Ulemiste mall borrows EUR 84.5 mln from SEB Pank
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One third of the loan is intended for financing the building of an extension and two thirds for refinancing an existing loan, the shopping center said. The total investment in the new extension is approximately 40 million euros.
«The financing of the project of Ulemiste Keskus is SEB's biggest commercial property financing deal in Estonia and one of the biggest deals of this kind in Estonia ever,» CEO of SEB Pank Riho Unt said.
After the completion of the mall's second phase in October 2014 the shopping center would have 38,000 square meters of rentable area, and 210 shops and restaurants.
The owner and developer of the mall is the property manager Linstow International, a holding of the listed Norwegian investment company Awilhelmsen AS.