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International Internet Magazine. Baltic States news & analytics Saturday, 20.07.2019, 17:03

Estonian state property management co to sell EUR 20 mln worth of real estate in 2019

BC, Riga, 14.05.2019.Print version
The Estonian state real estate management company RKAS is planning to sell some 20 mln euros' worth of properties this year, more than in any other year to date, informed LETA/BNS.

"The sales target for 2019 is the biggest in history," RKAS states in its yearbook.

RKAS is about to put approximately 250 properties up for sale in 2019.

Investments into the property portfolio of RKAS are planned to total some 50 mln euros over the 12-month period. The biggest development projects listed in the yearbook are installation of technology in the compound of the new Tallinn Prison and beginning of the construction of the joint police and rescue service buildings in the southwestern town of Parnu and in Sillamae in Estonia's northeast.

The ongoing works named in the yearbook include the construction of the building of the cereals breeding center of the Estonian Crop Research Institute in the central town of Jogeva, construction of rescue buildings on the island of Kihnu and in the western small town of Lihula, and the start of work on rescue buildings in the Tallinn districts of Nomme and Lillekula.

Designing of the building of the School of Fine Arts in Tallinn is in the final stages and work to build the structure on Parnu Road in central Tallinn is about to start. In addition, investments related to the project for state houses are to be made in Viljandi, Rapla, Valga, Jogeva, Parnu and Tartu in the amount of over 3.5 mln euros in total.

In addition to developing real estate for itself, RKAS provides project management services to cooperation partners. Cooperation with the Ministry of Education and Research in developing state gymnasiums will continue. A state gymnasium in the northeastern city of  Kohtla-Jarve is about to be completed in the fall, while work on the designs of the state gymnasiums of Tabasalu, Kuressaare and Laagri is underway. Competitions are to be announced for the architectural designs of the state gymnasiums of Paide, Narva and Rakvere, as well as three state gymnasiums in Tallinn, RKAS said.

Also in 2019, RKAS will organize, as a service, competitions for the architectural designs of the Environment Building of the Ministry of the Environment and the complex of the Estonian public broadcaster ERR in Tallinn, coordinate project management in the designing of the new building of the Viljandi hospital and health center, set out terms of reference for the project for the reconstruction of the Estonian National Library in Tallinn, while work on the design of the project is also expected to start.

In the field of real estate management, under a management contract concluded with the Ministry of Education and Research some 380,000 square meters of space will be added to the space managed by RKAS, meaning an increase by nearly one-third. The addition mainly is made up of premises of vocational schools, institutions of professional higher education, and museums.

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