Developer to build Estonia’s largest shopping centre in Lasnamäe 31.05.2012, 10:09
Developer E.L.L. Kinnisvara plans to build a shopping center in the area between Lasnamäe, Kadriorg and Pirita.
The shopping centre would cost 100 million euros to build and would open doors in two years, according to Aldo Dapon, CEO of E.L.L. Kinnisvara.
The facility will have about 77,000 square metres of floor space, 200 stores and 2,000 parking spaces. It is estimated that it will be visited by between 6.5 and 7.5 million customers a year.
Known as Panorama City, the mall should be open by 2014. Construction is due to begin this year after a contract is signed with the builder, Merko. Merko and E.L.L. Kinnisvara have same owners including Toomas Annus, one of the richest businessmen in Estonia.
According to Dapon, the developer has reached an agreement with two anchor tenants: Rimi supermarket chain and the Lithuanian company Apranga Grupp, which plans to open up to 14 brand-name clothes stores.
Anders Lorenzon, CEO of Rimi Eesti Food, says that Panorama City will be Rimi’s most important project.
“The Estonian grocery market is going to change in the near future,” he added.
Rimantas Perveneckas, CEO of Apranga Group, says that Panorama City will be an excellent opportunity for Apranga to become a amarket leader in its segment.
He adds that at present only Viru Keskus is suitable for Apranga.
E.L.L. Kinnisvara has taken out a loan from Swedbank to partly fund construction of the shopping center.