Scandium Kinnisvara and Evaraus Kinnisvara have entered into a strategic partnership to jointly develop and build more than 90,000 m² of commercial and residential development in Luige and Peetri. The total investment is close to €100 million.
According to Maido Lüiste, CEO of Scandium Kinnisvara, the aim is to bring together the best practices of two strong real estate developers to offer clients homes and business environments that are extremely functional.
‘As homeowners have started looking beyond the borders of the city where the same budget can provide more comfortable living conditions and a greener environment, we as developers have also turned our eyes to the municipalities just outside Tallinn. Together with Everaus, we can confidently undertake projects that in Estonian terms are truly large-scale and progress faster. This in turn will bring added value to the residents of the new developments, as well as to our employees – projects progress faster and are based on the best practices of two strong developers,’ Lüiste believes.
Janar Muttik, Head of Everaus Kinnisvara: The ongoing projects in Luige and Peetri focus on creating fully-fledged living and business environments. The development’s volume of 90,000 m2 will be spread over the next five years and work is already underway. Together, we are planning a total investment of around €100 million, which in an Estonian context, as well as that of the entire Baltic region, is a substantial amount.’
According to Muttik, the collaboration with Scandium will yield the most optimal space solutions, exploiting every square centimetre to enhance the quality of life of residents, businesses and employees.
‘Adding Everaus’ strengths as a general contractor and our experience in creating urban environments to this, along with Scandium’s passion as the leader of green revolution in the real estate sector and as an admirer of the 15-minute city concept, can only result in supreme real estate where residents, employees and visitors alike thrive,’ states Muttik.