Baltic Horizon, listed at Nasdaq Stockholm and Nasdaq Tallin, already owns Coca-Cola Plaza in Tallinn, which is the biggest retail- and cinema center in Estonia, with a NLA of approximately 8 664 square meters. This year the fund has also acquired the building next to it, Postimaja, with anchor tenants such as Rimi, H&M, New Yorker, MyFitness and Estonian Post, with an NLA of 9 141 square meters.
Through a new large development project, Baltic Horizon will integrate the two buildings and increase NLA by a third, to 30 000 square meters with the goal of reaching a yield of 7 percent within three years.
“This is a classic example of how 1+1 can become 3, when we integrate the two buildings in central Tallinn. By creating a united complex with a passage between the buildings we create a natural route between the centre of Tallinn and the Old town and increase the opportunities for retail and experiences in the buildings,“ says Tarmo Karotam, CEO of Baltic Horizon.
The project goes under the name “Rotermann Passage“ and means that the two buildings are built together by a joint roof inspired by the current glas exterior and consists of an environmentally friendly metal net with air and pillowlike bubbles that can sustain heat, wind and snow.
“The design will affect the city sky line and we have put great emphasis on getting it right both design wise and functionally. In order to create the right flow between the buildings a passage will be created that will increase accessiblity for people in the centre of Tallinn and increase the opportunities for the retail in the two buildings to connect passersby with experiences,” says Tarmo Karotam.
The new design has been developed by the architectural firm HG Arhitektuur OU, whose proposal won the competition.
Baltic Horizon in Large Development Project
Nordic — Through a new development project Baltic Horizon will integrate two previously purchased buildings in Tallinn. <br />
Maria Olsson Äärlahtmaria@nordicpropertynews.com