Given its vicinity to Tallinn and its natural beauty, seaside real estate in the Merirahu is very attractive for developers.
TALLINN — Swedbank’s subsidiary Ektornet Residential Estonia purchased a large Merirahu real estate development last week with 66.6 million krooni (€4.25 million) as highest bidder, reported Estonian Public Television news Wednesday.
As the property is located along the seacoast in Harju County, only a few kilometers west of Tallinn. The development was set as a [private_supervisor]loan guarantee for Swedbank by Merirahu Arendus and was sold by the bankruptcy registrar. While many private investors were ready to pay the initial price 65 million krooni (€4.15 million), Swedbank bid them slightly over.
Meelis Shokman, CEO of Ektornet Residential Estonia told ERR’s news program that their bid more because in long perspective its value would be higher.
“At first we preserve this and then we’ll put it on sale,” said Shokman.
The Scandinavian banks that dominate the Baltic states’ financial sector are taking advantage of the lower real estate prices caused the financial crisis to purchase available land while the purse strings of many local investors remain tight. [/private_supervisor] [private_subscription 1 month]loan guarantee for Swedbank by Merirahu Arendus and was sold by the bankruptcy registrar. While many private investors were ready to pay the initial price 65 million krooni (€4.15 million), Swedbank bid them slightly over.
Meelis Shokman, CEO of Ektornet Residential Estonia told ERR’s news program that their bid more because in long perspective its value would be higher.
“At first we preserve this and then we’ll put it on sale,” said Shokman.
The Scandinavian banks that dominate the Baltic states’ financial sector are taking advantage of the lower real estate prices caused the financial crisis to purchase available land while the purse strings of many local investors remain tight. [/private_subscription 1 month] [private_subscription 4 months]loan guarantee for Swedbank by Merirahu Arendus and was sold by the bankruptcy registrar. While many private investors were ready to pay the initial price 65 million krooni (€4.15 million), Swedbank bid them slightly over.
Meelis Shokman, CEO of Ektornet Residential Estonia told ERR’s news program that their bid more because in long perspective its value would be higher.
“At first we preserve this and then we’ll put it on sale,” said Shokman.
The Scandinavian banks that dominate the Baltic states’ financial sector are taking advantage of the lower real estate prices caused the financial crisis to purchase available land while the purse strings of many local investors remain tight. [/private_subscription 4 months] [private_subscription 1 year]loan guarantee for Swedbank by Merirahu Arendus and was sold by the bankruptcy registrar. While many private investors were ready to pay the initial price 65 million krooni (€4.15 million), Swedbank bid them slightly over.
Meelis Shokman, CEO of Ektornet Residential Estonia told ERR’s news program that their bid more because in long perspective its value would be higher.
“At first we preserve this and then we’ll put it on sale,” said Shokman.
The Scandinavian banks that dominate the Baltic states’ financial sector are taking advantage of the lower real estate prices caused the financial crisis to purchase available land while the purse strings of many local investors remain tight. [/private_subscription 1 year]
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