On 10 October 2007, the Tallinn City Government declared the tender submitted by OÜ Constancia, a subsidiary company of AS Merko Ehitus, to be the best offer submitted to the tender with preliminary negotiations for establishing building rights for the registered immovable located at 12 Võidujooksu Street/7A Pae Street. OÜ Constancia submitted a tender wherein it undertakes, bearing all the related costs, to prepare a detailed plan for the 32.5-hecatre area, to refurbish the property, to build a park, a rest area and sports fields and to pay the city 2.35 million kroons as the fee for the establishment of building rights. OÜ Constancia estimates that the total investment in the refurbishment of the park area will be about 90 million kroons. Pursuant to the tender project and after the approval of the respective detailed plan, the property developer has the right to build, within 10 years from the establishment of the building rights, an office building with up to 15 thousand square meters of area and up to 57 thousand square meters of area for residential use on the property. 1 EUR = 15,6466 EEK Tõnu Korts Member of the Board +372 6 805 105