German investors acquire two shopping centres in Tallinn

23.04.2012, 14:30

Estonian real estate company OÜ Bestok Kinnisvara has signed a contract with an unnamed German company that will acquire Merekeskus and Lootsi kaubanduskeskus shopping centres in Tallinn.

According to Andres Hermet, temporary trustee for Bestok, the investors have big plans for the two shopping centres.

Bestok Kinnisvara is facing a bankruptcy claim filed by two companies, Expresso OÜ and Swedbank Liising.

The court had given the company until April 20 to settle its debts.

Bestok also owes the state 216,757 euros in tax.

According to its annual report, it had 205 million kroons in liabilities in 2009 and 133 million kroons in short-term debt.

The company ended 2009 with a loss of 1.5 million kroons at sales of 19.3 million.

Bestok Kinnisvara owns more than 20 real estate properties in Tallinn and in Saku, Rae and Harku municipalities.

Bestok Kinnisvara has three shareholders: Vassili Luzin who owns 50 percent of the shares, and Nadežda Gavrilova and Ljudmila Verbitska who owns 25 percent each.