Latvia’s state real estate management company, Valsts Nekustamie Ipasumi (VNI), has taken over a project to build a fence on the country’s border with Russia from the State Security Service (VDD), LSM reports. VNI board chairman Renars Griskevics said that construction work would resume at the end of 2023. However, the final deadline for the…
Latvia’s state real estate management company, Valsts Nekustamie Ipasumi (VNI), will speed up the construction of a fence on the country’s border with Belarus, LSM reports. VNI’s board chairman, Renars Griskevics, said that VNI would build 85.9 km of the fence in autumn 2023 and the remaining 80.6 km by the end of 2024. The…
The number of real estate transactions in Estonia totalled 11,126 in the second quarter of 2023, with the total value amounting to EUR 1.25bn, according to data from the Estonian Land Board (Maa-amet), ERR reports. Apartments accounted for 58%, undeveloped land for 24%, and developed land for 17% of all real estate transactions. Apartment sales…
Estonia’s Swedbank will relocate its head office from the current premises on Tallinn’s Liivalaia Street to a new office tower in the new Arter business quarter in the first half of 2025, ERR reports. Olavi Lepp, CEO of Swedbank, said that the current premises have become too small and are old-fashioned. Property developer Kapitel’s new…
The international credit rating agency, Fitch Ratings, has reaffirmed Lithuanian shopping centre developer Akropolis Group’s long-term borrowing rating at BB+ with a stable outlook, GlobeNewswire reports. The agency noted Akropolis Group’s good financial and operational performance, leading market position, and low vacancy rate. Nerijus Maknevicius, CEO and board chairman of Akropolis Group, said that the…
Several hundred people gathered in Lithuania’s capital, Vilnius, on 19 July 2023 to protest against plans by local property developer Dobilo Daigas to cut down nine trees in a small green space in the city centre, LRT reports. Dobilo Daigas plans to expand a café on the small square, which is part of the historic…
Latvia’s State Revenue Service (VID) has decided to shut down the business operations of Klaugu Muiza, which is ultimately owned by sanctioned Russian billionaire Pyotr Aven, LETA reports. At the same time, VID banned any reorganisation of the company and change of board members. The company owns the Klaugu Manor in Lazdona parish. The EU…
Estonia’s retail group, Tallinna Kaubamaja Grupp (TKM Grupp), posted unaudited consolidated sales revenue of EUR 460.5mn in the first half of 2023, which was up 11.8% from EUR 411.9mn in the same period of 2022, GlobeNewswire reports. Sales of the group’s supermarkets amounted to EUR 301.7mn (up 6.5%), department stores to EUR 51.7mn (up 6.7%), car…
The Estonian Business School (EBS) has obtained a planning permit for the construction of a new campus in central Tallinn, ERR reports. EBS will begin building the 44,000 m2 campus on Tallinn’s Ants Lauteri Street in the second half of 2023. The campus will include a 30-storey office tower, catering facilities, a sports centre, and…