Everaus Kinnisvara opened the next two buildings of the business park located on Lennuradari road on December 9th. The development stage currently under construction consists of four modern warehouse buildings, which will bring 64 new warehouse and stock-office units to the market, with a total area of 4,000 square meters. Two of the four buildings are completed, and the next two buildings will be completed at the beginning of 2026.
The Lennuradari warehouse complex includes warehouses and stock-office units ranging in size from 35 to 85 square meters. Upon completion of the business park expansion, the total volume of the complex will reach 106 commercial units (in total 6,500 square meters), significantly increasing Everaus Kinnisvara’s rental portfolio.
“Everaus Kinnisvara’s long-term strategic goal is to strengthen its position in the stable cash-flow commercial real estate sector, including the stock-office and warehouse segment,” comments Janar Muttik, founder and CEO of Everaus Kinnisvara. “The Lennuradari warehouse complex has proven its attractiveness both in terms of location and concept. Demand for small and medium-sized stock-office units and warehouses near Tallinn is high,” Muttik adds.
Everaus Kinnisvara raised capital this year through a bond issues, which was used, among other developments, to co-finance the expansion works of the Lennuradari business park, alongside banks and other real estate development financing options. “Bond issues with strong results support the achievement of our strategic goals and the effective implementation of our development plans. The Lennuradari expansion and the new mini-storage complex in Haabersti, as well as residential developments in Luige and Järveküla, are progressing according to plan,” comments Muttik.
“As an advisor to the bond issues, I am pleased to see that Everaus Kinnisvara is moving towards its long-term goal – increasing the share of commercial real estate – thereby fulfilling the promise given to bond investors. Part of the funds raised through the issues were directed to the construction of the Lennuradari warehouse complex, and now the first units are ready to welcome new tenants, bringing increasing rental revenue to the Everaus Kinnisvara,” comments Valeria Kiisk, Partner at Redgate Capital, which advised on the bond issues.
The Lennuradari business park is located in a strategically logistical spot, in the immediate vicinity of the Tallinn ring road and Suur-Sõjamäe road, offering companies convenient and fast connections to the center of Tallinn and the surrounding areas. The complex’s proximity to the airport and ports is a great advantage for companies whose activities require good connections to these logistics hubs.
The expansion of the Lennuradari warehouse complex is being completed in cooperation with Maru Ehitus.
