Tallinn, Estonia, 2016-12-05 15:40 CET (GLOBE NEWSWIRE) --
AS Merko Ehitus has participated at the auction of OÜ Lõuna Park (bankrupt), where 36 registered immovables in the area located between Veerenni, Tehnika and Vana-Lõuna streets in Tallinn were disposed.
The total development area is approximately 12 hectares. The registered immovables have a valid detailed plan, which allows the construction of approximately 1,600 apartments, one commercial building and a nursery. The construction will be carried out in several stages. The acquisition of the development area, located near downtown Tallinn, is essential for the group to ensure the Estonian long-term housing development strategy.
On 5 December 2016, the trustee in the bankruptcy approved the auction act, according to which the best offer was from AS Merko Ehitus at a price of 16.8 million euros plus VAT at the statutory amount. The finalisation of the transaction will take place in December 2016. A proportion of the transaction will be funded with a loan.
Additional information: AS Merko Ehitus Eesti, Director of the Residential Construction Division, Mr. Tiit Kuusik, phone: +372 680 5105.
Merit Kullasepp
Communication and Marketing Manager
AS Merko Ehitus
Phone: +372 650 1250
E-mail: merit.kullasepp@merko.ee
AS Merko Ehitus (group.merko.ee) consists of Estonia’s leading construction company AS Merko Ehitus Eesti, the Latvian-market-oriented SIA Merks, UAB Merko Statyba that is operating on the Lithuanian market and the real estate development business unit along with real estate holding companies. As at the end of 2015, the group employed 791 people and the company’s 2015 revenue was EUR 251 million.