Everaus Kinnisvara is set to acquire a 100% stake in the Luige Kodud development in Kiili municipality just outside of Tallinn. The first homes there will be completed this summer.
“When we started developing Luige Kodud last autumn, it made sense to combine the strengths of the two developers to successfully launch the project,” explained Everaus CEO Janar Muttik. “We’ve now reached a stage where it makes sense to continue managing the project with a single developer. Since Everaus is all about developing fully integrated housing estates, it was only logical for it to be us that would continue with the Luige development.”
Everaus Kinnisvara is an experienced and respected player in the construction of integrated living environments. Among others, the company has been responsible for the award-winning Uuesalu Kodu, Lagedi Kodu and Keila Kodu developments.
Luige Kodud represents a beautiful new architect-designed neighbourhood with a pond at its heart and a car-free promenade. It features 88 homes, the majority of which (72) are terraced houses, plus two apartment buildings each with 16 apartments. “Stage 1 of construction is underway, with the first homes due for completion this summer,” Muttik said. “We’ll be launching Stage 2 in the second half of summer.”
Scandium Kinnisvara director Maido Lüiste says that launching a project as big as Luige Kodud as a collaboration between two developers made perfect sense. “We designed a truly beautiful housing estate offering lots of opportunities that will be a star feature of the area for decades to come,” he said. “The project has been a great success so far, with Stage 1 now complete. We’re fully confident that Everaus will ace the rest of the development on their own. That will give us at Scandium the opportunity to focus much more intensively on the large-scale transformational projects we’re tackling in Haapsalu, Põhja-Tallinn and Pärnu.”
The parties have not disclosed the terms of the transaction.
