Estonia, Markets and Companies, Real Estate

The initial price of the object was set at 128 million kroons.

Chairman of the supervisory board of Estonian Post Meelis Atonen said, when commenting the decision to sell, that the main post office property has been on the supervisory board’s agenda for a while already.

“The supervisory board weighed different options for a long time, assessing the state of the building, the current situation on the real estate market and the postal market future in a wider context,” he noted. Atonen said that in the end the decision was made to sell the property and the management board received an order to start preparing for the sale of the property in the centre of Tallinn.

He also pointed out that as the enterprise is about to complete drafting a very clear strategy for the next three years and the main activities of the postal enterprise need to be developed, the money to be received from the sale is planned to be invested into re-organising and modernising of main activities.

Estonian Post might reserve in the process of selling the property the right to lease for a long period of time the service areas on the first floor as the rooms for the main post office in Tallinn.