Estonia, Port, Real Estate, Transport

International Internet Magazine. Baltic States news & analytics Sunday, 05.07.2020, 22:35

Estonia: Port co Tallinna Sadam to terminate activities in Tallinn's Paljassaare harbor

BC, Tallinn, 22.11.2019.Print version
The listed Estonian port company Tallinna Sadam is to terminate its activities in North Tallinn's Paljassaare harbor and auction off its properties therein, according public broadcaster ERR information reports LETA/BNS.

Margus Vihman, the company's chief commercial officer and member of the management board, told ERR that as the Paljassaare harbor will likely be part of a soon-to-be residential area developed by the City of Tallinn, operating a trading port in the area is neither reasonable nor responsible.

Vihman said that the port company began selling its properties surrounding the harbor years ago and the majority thereof have now found new owners.

"We have presently begun selling the assets we have left [in the area] so that the process, which was started years ago, can be concluded and our activities in the Paljassaare harbor terminated," he said.

Vihman said that the harbor ceased to be an important source of revenue for Tallinna Sadam years ago and the company seeks to focus on projects with more potential in the future.

Tallinna Sadam announced this week that it intends to put up for online auction its properties in Paljassaare, including the administrative buildings thereon, the sites emerging in the process of registration and the building rights relating thereto.

Also auctioned off will be the Paljassaare railway, a property located at 1 Paljassaare Poik Street and a bunker situated thereon.

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