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…
Real estate and rental prices in Estonia have increased the most in the entire EU since 2010, according to Eurostat data, ERR reports. Real estate prices in Estonia have tripled and rental prices have increased by 212% between 2010 and the first quarter of 2023. Average real estate prices in the EU rose by almost…
Housing prices in the Baltic States rose the fastest in Lithuania in the first quarter of 2023, according to Eurostat data, BNS reports. Compared to a year earlier, housing prices rose by 13.1% in Lithuania, which was the second-highest increase in the EU. Housing prices in Estonia rose by 9.2% and in Latvia by 6%…
The Estonian property developer, Estera Saue, plans to build a new residential area in Saue municipality, on the outskirts of Tallinn, ERR reports. The housing project will consist of over 1,000 apartments primarily targeted at young families. The project will include a mix of apartment buildings, terraced houses, private houses, and commercial premises. Amenities such…